Marco Santarelli

MARCH 4, 2025

VA Loans: For eligible veterans, VA loans offer great benefits, including no down payment and often lower interest rates. FHA Loans: FHA loans are insured by the Federal Housing Administration and are designed for borrowers with lower credit scores or smaller down payments. ARMs can be risky.

Mortgages

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

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?

FHA 203k rehab loan

Redfin

JUNE 13, 2025

If your score is lower, focus on paying down debt and improving your credit before applying. Debt-to-income ratio: This compares your monthly debt payments to your gross income. Lenders generally prefer a DTI below 43%, indicating you can comfortably manage loan payments.

Debt-to-income ratio

Redfin

JULY 15, 2025

The income needed for a $250k mortgage depends on several financial factors, including your debt-to-income ratio, credit health, and property taxes in your area. Debt-to-income ratio (DTI) Your debt-to-income ratio (DTI) measures how much of your monthly income goes toward debts.

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

The Mortgage Report

JULY 11, 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

The Mortgage Report

JULY 14, 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

Keep in mind that if you put down less than 20%, you’ll likely have to pay private mortgage insurance (PMI), which will increase your monthly costs—and if property taxes are higher, you’ll need an even higher income to qualify. VA loans , available to eligible veterans and active-duty service members, require no down payment and no PMI.

Debt-to-income ratio

Redfin

JUNE 27, 2025

Options like FHA loans , VA loans , and USDA loans offer low down payments and more lenient credit guidelines. Here’s what to do instead: Ask your lender about any government-backed loan programs you might qualify for. A credit score of 500 is typically needed for mortgage approval.

Pre-approval

Marco Santarelli

MAY 9, 2025

So many people I know have tens of thousands, even hundreds of thousands, of dollars in student loan debt. This makes it harder to save for a down payment and can also affect your ability to qualify for a mortgage because it increases your debt-to-income ratio. This wasn't as big of an issue 50 years ago.

Debt-to-income ratio

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 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 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

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 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 2, 2025

Exceptions: Special loan programs for recent job changes Some loan types are more flexible than others: 1. FHA Loans The Federal Housing Administration (FHA) allows applicants to qualify with less job history, especially if they can prove future income or recent graduation.

Pre-approval

Redfin

JULY 18, 2025

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. What’s your debt-to-income ratio? What’s your debt-to-income ratio?

Debt-to-income ratio

Marco Santarelli

JULY 11, 2025

This includes credit score, income, debt-to-income ratio, down payment, and the type of loan you choose. Consider Different Loan Types: Explore fixed-rate, adjustable-rate, and FHA loans. The rate you actually get depends on your specific circumstances.

Mortgages

Marco Santarelli

MAY 14, 2025

These rates may require you to pay points upfront, or they might be based on a borrower with an exceptionally high credit score or a very small loan ( Investopedia ). Consider Different Loan Types: Explore different loan options, such as fixed-rate, adjustable-rate, and FHA loans, to see which best suits your needs.

Mortgages

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

MARCH 4, 2025

You receive the interest payments: Unlike a mortgage loan, your interest payments dont go to the lender. 401(k) loans dont count towards your debt-to-income ratio: Your debt-to-income ratio (DTI) is typically used when you apply for a new line of credit or loan.

Debt-to-income ratio

Rochester Real Estate

NOVEMBER 5, 2015

While this type of loan is a good option for many real estate consumers, I believe there are several quirks all buyers should know about and understand if they are considering an FHA loan. Did you know if you file a Chapter 13 bankruptcy, you can immediately apply for an FHA loan? Happy house hunting!

Finance

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

Marco Santarelli

MAY 2, 2025

Small Loan Amounts: The rate might only apply to smaller-than-average loan amounts. Remember, the rate you ultimately get will depend on your individual credit score, income, debt-to-income ratio, and other factors. What Makes Mortgage Rates Tick? Negotiate: Don't be afraid to negotiate with lenders.

Mortgages

Redfin

JULY 16, 2025

Down payment A larger down payment reduces the loan size and monthly payment and helps you avoid PMI if you hit the 20% threshold. Debt-to-income ratio (DTI) Your debt-to-income ratio (DTI) compares your total monthly debt payments to your gross monthly income. What if my DTI is 43%?

Debt-to-income ratio

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

JULY 30, 2025

It’s important to note, however, that your credit score influences your interest rate and loan options. 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.

Pre-approval

Marco Santarelli

JUNE 3, 2025

Factors like average credit scores, loan sizes, and foreclosure rates can all affect the rates lenders offer in a particular state. Your Financial Profile: Your credit score, income, debt-to-income ratio, and down payment all play a crucial role in determining the interest rate you'll receive.

Mortgages

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

Marco Santarelli

MAY 6, 2025

Here's a quick look at the national averages for different loan types: Loan Type New Purchase Rate 30-Year Fixed 7.00% FHA 30-Year Fixed 7.45% 15-Year Fixed 6.03% Jumbo 30-Year Fixed 6.95% 5/6 ARM 7.24% Source: Zillow It's worth noting that these are just averages. Get quotes from multiple lenders and compare them carefully.

Mortgages

Redfin

JULY 17, 2025

A low debt-to-income ratio – Keeping your monthly debt payments low compared to your income reassures lenders that you can handle a mortgage payment. Best loan options for limited work history FHA loans These loans are often a go-to for first-time buyers.

VA loan

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

Marco Santarelli

MAY 22, 2025

Your Individual Profile Matters: The rate you ultimately secure will depend on your credit score, income, debt-to-income ratio, and the size of your down payment. These rates are often based on very specific scenarios, like having an excellent credit score or paying points upfront.

Mortgages

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? How Much Home Can I Afford?

FHA 203k rehab loan

Marco Santarelli

MARCH 10, 2025

Heres a detailed overview of the current mortgage rates: Loan Type Current Rate (%) 30-year Fixed 6.31 FHA Loans 30-year 6.01 Here are the average refinance rates: Loan Type Current Rate (%) 30-year Fixed 6.33 FHA Loans 30-year 6.01 Keeping this ratio low could aid in securing better rates.

Debt-to-income ratio