Redfin

JUNE 27, 2025

Not taking advantage of government-backed loans A common first-time homebuyer mistake is overlooking government-backed loans when these programs can make homeownership more accessible. Options like FHA loans , VA loans , and USDA loans offer low down payments and more lenient credit guidelines.

Pre-approval

Rochester Real Estate

NOVEMBER 5, 2015

As always, your agent should be able to point you in the right direction and your loan officer will be able to answer any FHA loan questions and provide guidance for filling out the mortgage application. These include improving credit and balancing your debt to income ratio. Happy house hunting!

Finance

Redfin

JULY 30, 2025

Here are the minimum credit scores needed to qualify for certain loans: Conventional loans: 620-660 Jumbo loans: 700 FHA loans: 500-580 VA loans: no requirement USDA loans: typically 620, but can be lower 8. Several loan options, such as FHA or VA loans, only require a down payment of 3.5%

Pre-approval

Redfin

AUGUST 29, 2024

Debt-to-income ratio (DTI) Another major factor that a lender will consider when approving your mortgage loan is your debt-to-income ratio (DTI). DTI is calculated by dividing total monthly debts by gross monthly income. VA loan: Backed by the U.S.

Earnest money deposit

HomeLight

JANUARY 27, 2021

VA loans : Finally, there are VA loans that have advantageous features for qualifying military service members and their spouses. Other features: VA loans are a great option for qualifying buyers because they have low rates and fees, and require zero down. Sweeten the pot with earnest money.

Closing costs

HomeLight

JUNE 30, 2022

Transaction details: the purchase agreement and a copy of your earnest money deposit. Some loan programs, such as those backed by the FHA , allow for a down payment as small as 3.5% A new trade line could alter your debt-to-income ratio and throw off the whole deal if you are not careful.

Purchase and sale agreement

Redfin

AUGUST 3, 2022

Here are the steps to determine how much house you can afford: First, determine your debt to income ratio (DTI). This is your monthly expenses versus your cash intake or the bills you pay divided by your gross monthly income. Debts include recurring bills, such as car payments, daycare payments, and student loans.

Purchase and sale agreement