Redfin

JULY 30, 2025

Which loan is right for you? Conventional loans: You have a credit score of 620+, stable income, and can put at least 3% down. FHA loans: You have a credit score of 580+ (or 500+ with 10% down) and a higher DTI ratio. VA loans: You’re an eligible veteran, active-duty service member, or surviving spouse.

Loans

Marco Santarelli

DECEMBER 21, 2024

It can be about your financial goals and how a new loan structure can help you reach them. Switching loan terms: Perhaps you want to go from a 30-year mortgage to a 15-year mortgage to pay it off quicker. Switching loan terms: Perhaps you want to go from a 30-year mortgage to a 15-year mortgage to pay it off quicker.

Debt-to-income ratio

Lighter Side of Real Estate

MAY 26, 2025

For many college grads, student loan debt can feel staggering. Six figures of debt isnt unusual, and on paper, it can make buying a home seem like a pipe dream. But that mountain of debt doesnt automatically put you at a disadvantage. They dont just glance at your current balance sheetthey factor in your trajectory.

Debt-to-income ratio

Redfin

JULY 21, 2025

Using Redfin’s mortgage calculator , on an $80k salary with zero current debts, 20% down payment, and a 36% debt-to-income ratio, you’ll be looking at homes valued at $325,000 and below. What’s your debt-to-income ratio? of your loan amount per year. What’s your debt-to-income ratio?

Debt-to-income ratio

The Mortgage Report

JULY 24, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford? Down payment assistance can be a great option.

FHA 203k rehab loan

Redfin

JULY 22, 2025

Using Redfin’s mortgage calculator , on a $200k salary with zero current debts, 20% down payment, and a 36% debt-to-income ratio, you’ll be looking at homes valued at $820,000 and below. What’s your debt-to-income ratio? of your loan amount per year. What’s your debt-to-income ratio?

Debt-to-income ratio

Redfin

JULY 31, 2025

This often leads prospective homebuyers to consider a “down payment loan.” ” But is it really a good option to get a loan for a down payment? While securing a down payment loan isn’t impossible, it’s generally not the most straightforward route, and many mortgage lenders view it with caution.

Loans

AAOA

JUNE 12, 2025

Residential vs Commercial Multifamily Get a Free Multifamily Loan Quote Access Non-Recourse, 10+ Year Fixed, 30-Year Amortization GET A FREE QUOTE 1. Bonus: Many lenders also offer non-recourse loans for larger commercial properties, which can protect your personal assets if the deal goes south.

Commercial

Redfin

AUGUST 5, 2025

If you dream of building a large home, a jumbo construction loan may be in your future. Jumbo construction loans are designed to finance constructing a new home up to a certain threshold. What is a jumbo construction loan? Construction-to-permanent loan: The construction loan converts to a mortgage after construction.

Construction

Redfin

JUNE 27, 2025

Not getting pre-approved for a home loan before starting your search A common mistake for first-time homebuyers is jumping into the search without first getting pre-approved for a mortgage. Even a small difference in your mortgage rate can really add up over the life of the loan, so it’s worth your time to shop around.

Pre-approval

Marco Santarelli

DECEMBER 22, 2024

Fixed-Rate Mortgages: These loans offer stability by locking in the interest rate for the entire duration of the mortgage (typically 15-30 years). Over the life of the loan, you would pay about $394,752 in interestjust for borrowing the money! Debt-to-Income Ratio: Lenders prefer lower debt-to-income (DTI) ratios.

Mortgages

The Close

JULY 1, 2025

However, some will struggle with getting approved for a loan, which is something that could result in the transaction falling through for you as a real estate agent. That’s where FHA loans can save the day for everyone. This makes it possible for buyers who might not qualify for traditional loans to still secure financing.

FHA loan

Marco Santarelli

DECEMBER 11, 2024

15-Year Fixed Mortgages Conversely, the 15-year fixed mortgage appeals to those looking to save on overall interest payments and repay their loan faster. 15-Year Fixed Mortgages Conversely, the 15-year fixed mortgage appeals to those looking to save on overall interest payments and repay their loan faster.

Mortgages

Marco Santarelli

MAY 9, 2025

The median monthly income is about $6,717.50. That means the monthly mortgage payment eats up a staggering 31.36% of their income! Year Loan Amount Interest Rate Monthly Payment Monthly Income Payment-to-Income Ratio 1974 $24,000 9.19% $196.39 $925 21.2% 2024 $320,000 6.9% $2,107.20 $6,717.50

Debt-to-income ratio

Redfin

JULY 24, 2025

According to Redfin Real Estate, the minimum down payment for first-time homebuyers varies depending on the type of loan. Many loans offer down payments as low as 3% or even 0%. Here’s a quick breakdown: FHA loans, for example, typically require 3.5% VA and USDA loans may offer 0% down for eligible borrowers.

FHA loan

Redfin

MARCH 5, 2025

Review your savings for your down payment , monthly income, and potential loan options to set a realistic price range. Maintaining a low debt-to-income ratio and a strong credit score can also enhance your eligibility for favorable mortgage terms. For instance, the U.S.

Debt-to-income ratio

Redfin

JULY 18, 2025

Using Redfin’s mortgage calculator , on a $90,000 a year salary with zero current debts, 20% down payment, and a 36% debt-to-income ratio, you’ll be looking at homes valued at $370,000 and below. What’s your debt-to-income ratio? of your loan amount per year. Where are you trying to live?

Debt-to-income ratio

Redfin

JUNE 9, 2025

Using Redfin’s mortgage calculator , on a $100k salary with zero current debts, 20% down payment, and a 36% debt-to-income ratio, you’ll be looking at homes valued at $425,000 and below. What’s your debt-to-income ratio? of your loan amount per year. What’s your debt-to-income ratio?

Debt-to-income ratio

Rochester Real Estate

NOVEMBER 5, 2015

In my experience as a Webster NY Realtor , not enough buyers understand the impacts of scores until they apply for a loan. Credit mix: The types of credit accounts, such as credit cards, loans, and mortgages. Firstly, it allows the borrowers to pool their incomes, potentially qualifying for a more significant loan amount.

Debt-to-income ratio

Redfin

JULY 31, 2025

Look into first-time homebuyer benefits Many programs are designed to make homeownership more accessible for first-time buyers by reducing upfront costs, lowering monthly payments, and helping with mortgage qualification. State and local programs: Cities and states may offer down payment assistance, forgivable loans, or closing cost help.

Purchase and sale agreement

Redfin

FEBRUARY 24, 2025

Whether you prefer the ease of a move-in-ready home or the idea of designing a space from scratch, understanding the costs and benefits of both options will guide you toward the best decision. Constructing a home gives you full control over aspects like materials, design, and size, allowing for customization. it depends. is $419,200.

Debt-to-income ratio

Marco Santarelli

APRIL 24, 2025

But trust me, even a small difference in your interest rate can translate to thousands of dollars saved over the life of your loan. Loan Sizes: The average size of a mortgage can influence rates, as larger loans may carry different risk profiles. These are often teaser rates designed to lure you in.

Mortgages

The Mortgage Report

JULY 22, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford? Check options to remove a name from your mortgage.

FHA 203k rehab loan

AAOA

MARCH 24, 2025

They may face functional issues, have outdated designs, or require maintenance and renovations. Speaking of maintenance of multifamily units, a good rule of thumb is to budget for 10-15% of the net operating income (NOI) for a small multi family building and between 5-10% of NOI for larger buildings with 50+ units as maintenance cost.

Property Management

Marco Santarelli

FEBRUARY 7, 2025

“Subprime” mortgages were rampant, meaning loans were given to people with poor credit or insufficient income. Conventional loan requirements vary by lender. But most conventional loans must meet the guidelines Fannie Mae and Freddie Mac set. This isn't my opinion; this is a demonstrable fact.

Pre-approval

Redfin

JULY 30, 2025

You’re buying in a designated redevelopment area, where certain programs have less strict rules. While it’s beneficial to have a great credit score, there are loans that cater to buyers with lower ones. It’s important to note, however, that your credit score influences your interest rate and loan options.

Pre-approval

Marco Santarelli

MAY 2, 2025

Average Loan Size: This one is pretty straightforward. These are often “teaser” rates designed to grab your attention, and they might come with hidden costs or strict requirements. Small Loan Amounts: The rate might only apply to smaller-than-average loan amounts. Remember September?

Mortgages

Rochester Real Estate

NOVEMBER 5, 2015

It’s unfortunate, but not every prospective buyer is going to be able to qualify for a home loan. In the simplest terms the main difference is that a bank has its own lending criteria and offers loans by using its own funds. You have no control over who you loan gets sold to. In contrast, a mortgage broker is a middleman.

Finance

Redfin

JUNE 27, 2025

Key takeaways: Your first-time home buyer benefits include down payment and closing cost assistance, grants, tax benefits, and low-interest or forgivable loans. Eligibility depends on factors like income, location, home price, and use of an approved lender. Grants Unlike loans, grants don’t need to be repaid.

Debt-to-income ratio

Redfin

JULY 3, 2025

Some lenders may require a finalized divorce decree before approving a mortgage, as this document outlines debt and asset division, alimony, and more. These details directly impact your debt-to-income ratio , how much you afford and borrow. Some allow up to 43% , depending on the loan program.

Debt-to-income ratio

Marco Santarelli

JUNE 9, 2025

Average Loan Size: Differences in property values and loan sizes can influence rates. Larger loans might come with slightly different terms. Different lenders operate in different regions, and rates can be influenced by state-level variations in credit score, average loan size, and regulations. A lower DTI is preferable.

Mortgages

Marco Santarelli

JULY 23, 2025

Average Loan Size : This might seem counterintuitive, but states with smaller loan sizes can sometimes see higher rates. Lenders might need to charge more to make the loan profitable if the loan amount is lower. Lenders see borrowers with better credit as less risky, so they offer them better terms.

Mortgages

Redfin

JULY 28, 2025

Key takeaways: There are several options, loans, and assistance programs that make it possible to buy a house with low income. Take steps to improve your chances of qualifying for a mortgage by building credit, paying down debts, and saving for a down payment.

VA loan

Redfin

JULY 16, 2025

Solar panels are devices designed to capture sunlight and convert it into usable electricity for your home. This could affect your financing or debt-to-income ratio. Some lenders may view solar leases or power purchase agreements as a form of debt. What are solar panels and how do they work?

Purchase and sale agreement

Marco Santarelli

JUNE 11, 2025

Average Loan Size: The size of the average mortgage loan can also play a role. Those are often “teaser rates” designed to grab your attention. Mortgage Calculator Example Home Price: $440,000 Down Payment: $88,000 (20%) Loan Term: 30 years APR: 6.67% Estimated Monthly Payment: $2,649.04/month

Mortgages

Redfin

MARCH 5, 2025

Review your savings for your down payment , monthly income, and potential loan options to set a realistic price range. Maintaining a low debt-to-income ratio and a strong credit score can also enhance your eligibility for favorable mortgage terms. For instance, the U.S.

Debt-to-income ratio

Redfin

JULY 17, 2025

We’ll outline how you can make your case without the typical job history and which loans might be a better fit. They want to be confident that you have a reliable source of income to make your monthly payments—not just now, but for years to come. Military veteran? Service history can sometimes substitute for traditional work history.

VA loan