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?

FHA 203k rehab loan

Redfin

JULY 23, 2025

Many lenders offer low-down-payment loans, like FHA loans with as little as 3.5% down or VA/USDA loans with 0% down for eligible buyers. While you’ll pay more over the life of the loan, a smaller down payment can help you get into a home sooner.

Mortgages

Redfin

JULY 30, 2025

Key takeaways: First-time homebuyer: Anyone who hasn’t owned a primary residence in the past three years Common first-time homebuyer qualifications: Credit score, debt-to-income ratio, down payment, income limits, employment history, purchase limits, homebuyer education Buying your first home?

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? What’s your debt-to-income ratio?

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? What’s your debt-to-income ratio?

Debt-to-income ratio

Redfin

JULY 18, 2025

It’s understandable to want to get away from the fear of rent increases in your apartment in San Francisco, CA and start to build equity in your home. Using Redfin’s mortgage calculator , on a $50k salary with zero current debts, 20% down payment, and a 36% debt-to-income ratio, you’ll be looking at homes valued at $205,000 and below.

Debt-to-income ratio

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? What’s your debt-to-income ratio?

Debt-to-income ratio

Redfin

MARCH 3, 2025

Common down payment options 20% down ($60K) No PMI, lower monthly payments, and less interest paid over time 10% down ($30K) PMI required, moderate monthly payment 5% down ($15K) PMI required, highest monthly payment, and more interest paid If you cant afford 20% down, many lenders offer low-down-payment loan options.

Mortgages

Redfin

JULY 31, 2025

Loan types for first-time homebuyers include: Conventional Loan: Offers flexible down payment options as low as 3% with private mortgage insurance (PMI). These require a higher credit score and must fall within conforming loan limits. FHA Loan: Designed for buyers with lower credit scores. These require just 3.5%

Purchase and sale agreement

Redfin

JULY 28, 2025

Low income is generally defined as being below a specific threshold of the area’s median income (AMI), which can vary by location and employment. Each loan option we’ll discuss has qualification requirements for AMI, as well as other factors like credit score and debt-to-income ratio (DTI).

VA loan

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? What’s your debt-to-income ratio?

Debt-to-income ratio

Redfin

JULY 30, 2025

This way, you’ll have a chance to build equity. The longer you own your home, the more equity you’ll build, leading to greater financial return when you decide to sell your home. >> It’s important to note, however, that your credit score influences your interest rate and loan options.

Pre-approval

Redfin

JUNE 27, 2025

Government-backed loans Federal loan programs like FHA, VA, and USDA loans make it easier to qualify for a mortgage with a low down payment or less-than-perfect credit. This is especially helpful for buyers who do not meet conventional loan requirements. Let’s break it down: FHA loans require as little as 3.5%

Debt-to-income ratio

Redfin

JULY 30, 2025

Here are some key factors that determine whether you’re ready to take on a mortgage: Credit score : Most conventional loans require a credit score of at least 620, while FHA loans may accept scores as low as 580. Income stability: Lenders typically want to see at least two years of consistent employment history.

FHA loan

The Mortgage Report

JULY 16, 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? Check your home’s equity. How Much Home Can I Afford?

FHA 203k rehab loan

Realtor.com

NOVEMBER 28, 2022

designer491/iStock FHA loans, which are insured by the Federal Housing Administration, help home buyers secure financing to buy a home despite their low income, lack of savings, or poor credit scores—the kind of things that often prevent people from getting a conventional loan. A maximum debt-to-income ratio of 43%.

FHA loan

HomeLight

OCTOBER 11, 2021

You’re getting ready to start shopping for a house, and you’re pretty certain you want to go with an FHA loan. The Federal Housing Administration backs loans with less strict credit requirements and low down payment options to help families become homeowners. How much house can you afford if you’re getting an FHA loan?

FHA loan

Realty Biz

APRIL 5, 2022

Homeowners with equity in their homes can get an FHA and/or VA cash-out refinance during the Chapter 13 repayment plan if they want to use the proceeds of the cash-out refinance to buy out the Chapter 13 Bankruptcy. All FHA and/or VA loans during Chapter 13 Bankruptcy need to be manually underwritten. To qualify for a 3.5%

Bankruptcy

Point2Homes

DECEMBER 15, 2021

Therefore, even though, as a buyer, you are taking over the seller’s loan, you will still need to prove to the lender that you’re in a financial position to make mortgage payments. Although VA loans are granted to military members and their spouses, you don’t have to be a military service member to assume a VA loan.

Debt-to-income ratio

HomeLight

SEPTEMBER 2, 2021

Here, we’ll walk you through one of the best-known and most widely utilized tools that can help get you those keys: the FHA loan. Read on for more about these loans, the down payment assistance programs associated with them, and some different down payment assistance programs to consider when you buy your first home.

FHA loan

HomeLight

SEPTEMBER 1, 2022

Student loan debt doesn’t make it impossible to live out your dream of homeownership; it just makes it a bit more difficult because of its impact on your debt-to-income ratio (DTI), credit score, and down payment savings. You build zero equity while you’re renting, and your payments are variable.

Debt-to-income ratio

HomeLight

JUNE 22, 2023

Debt-to-income ratio After looking at how much money is flowing into your household, you’ll want to write down your monthly debts. That’s because lenders will also look at your debt-to-income ratio, or DTI. That number will be your debt-to-income ratio.

Debt-to-income ratio

HomeLight

AUGUST 26, 2020

If you’re a first-time homebuyer , you have a lot of decisions to make, including what type of loan to choose. You may have heard that FHA loans are good options for first-time homebuyers, but why is that? Well, FHA loans have a few benefits for first-time homebuyers that conventional loans don’t.

FHA loan

HomeLight

JULY 7, 2022

If you can’t afford a 20% down payment on your home and apply for a conventional loan, you’ll have to have private mortgage insurance (PMI) to cover the costs, or just plain mortgage insurance for a government loan (FHA loans or VA loans , for example). PMI will typically cost between 0.5% Safety-net (months): 5.4.

Debt-to-income ratio

Realty Biz

SEPTEMBER 30, 2023

Government-backed programs: Government-backed mortgage programs, such as FHA loans, VA loans, and USDA loans, often have more relaxed credit score requirements. Longer time to build equity: With a higher interest rate and potentially larger down payment, it may take longer for you to build equity in your home.

Finance

Realty Biz

JULY 23, 2023

Government-backed and conventional mortgage options, as well as home equity for down payment assistance, are available. Overcoming challenges in the mortgage process requires addressing higher interest rates, documenting income, and navigating common hurdles. This ratio compares your monthly debt payments to your monthly income.

Debt-to-income ratio

HomeLight

MARCH 9, 2023

The most common forms of assistance or alternative loan fall into the following broad categories: Down payment assistance programs Government-backed loans Low-income loans Down payment assistance program Down payment assistance programs help first-time homebuyers who need cash for a down payment.

Loans

HomeLight

AUGUST 31, 2021

Does the idea of buying a fixer-upper and quickly gaining thousands of dollars in equity by making minor cosmetic repairs appeal to you? If so, then the 203k loan may offer a way to finance your plans, but first, you’ll need to know both what this loan is and how to get a 203k loan. . down on the home loan.

Loans

HomeLight

JUNE 21, 2023

Landed shared-equity down payment program What it is: Founded in 2015, Landed receives support from nonprofits, such as the DRK Foundation and the Chan Zuckerberg Initiative, and partners with more than 90 school districts in the Western United States. Depending on your finances, the FHA loan might be a better choice.

Loans

Realtor.com

JANUARY 12, 2022

If not, your ex-spouse could benefit from the sale of and equity in the home. “A person can be listed on the title as an owner of the property, but not included on the mortgage, meaning they are not liable for paying back the debt. Remember to take your ex-spouse’s name off the property’s title as well.

Debt-to-income ratio

HomeLight

JULY 31, 2020

These increased standards are called mortgage overlays , and they may include bigger down payments, higher credit scores , lower debt-to-income ratios, or a combination of these changes. Conventional loans were more likely to have a 20% down payment, and VA loans averaged just 2% down. Average down payments.

Debt-to-income ratio

Redfin

SEPTEMBER 4, 2024

Refinancing your mortgage can be a strategic move to either lower your monthly payments, shorten your loan term, or tap into your home’s equity. Personal factors include the loan terms, credit score, debt-to-income ratio, and employment history. However, did you know refinancing a mortgage can cost you?

Mortgages

Real Estate Finance HQ

AUGUST 25, 2017

This guide outlines the types of, as well as the necessary qualifications for, FHA loans. What is a FHA Loan? The FHA, a unit of the Department of Housing and Urban Development, was created in 1934 specifically to help low- and moderate-income families obtain financing for home ownership. Housing Ratio.

FHA loan

Redfin

MAY 3, 2023

05% – 1% of your home loan. For MIP on an FHA loan, the rate is typically 1.75%. Here’s how payments break out on a $500,000 home with a 30-yr —fixed-rate loan at 5%. Mortgage Insurance % Purchase Price Down payment Base loan Amount Annual PMI MIP Base Payment 30 yr. 5% – 1% of their loan amount per year for PMI.

Mortgages

Marco Santarelli

OCTOBER 6, 2023

However, certain programs like FHA loans and VA loans allow for lower credit scores. FHA loans can accept a credit score as low as 500 with a higher down payment, while VA loans often require a credit score of 580. Having less equity limits your ability to leverage your home for future financial needs.

VA loan

Redfin

AUGUST 12, 2024

These loans have more relaxed credit score requirements and lower down payment options, with down payments as low as 3.5% However, FHA loans require both an upfront mortgage insurance premium (MIP) and monthly MIP payments, which can increase the overall cost of the loan. for borrowers with credit scores of 580 or higher.

Loans

HomeLight

MAY 31, 2021

One of the first things you’ll want to know is just how much house you can afford , which is based on your income, credit score, debt-to-income ratio (DTI), and savings amount (including your down payment). I had some clients a few years ago that had trouble qualifying because they had a lot of debt.

Mortgages