Rochester Real Estate

NOVEMBER 5, 2015

Top Mortgage Blogs From 2017 Best Mortgage & Home Financing Blogs From 2017 We’re back! Below you’re going to find some incredible recaps of home financing and mortgage blogs that have been published during 2017. Did you know if you file a Chapter 13 bankruptcy, you can immediately apply for an FHA loan?

Finance

Redfin

JULY 24, 2025

” Simply put, a down payment is the initial sum of money you pay upfront when buying a home, with the remaining amount financed through a mortgage. 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%.

FHA loan

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

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

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

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 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 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 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

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

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

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 4, 2025

How to borrow from your 401k account to buy a house To borrow from your 401k loan to finance a down payment, youll need to talk to your employers benefits office or HR department, or with your 401k plan provider. Typically, applying for a 401(k) loan doesnt need that information since the money is already yours.

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

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

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

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

JUNE 27, 2025

Here are the main places to look: State and local housing agencies: A lot of states and cities offer down payment assistance, grants, or low-interest loan programs through their housing finance agencies. This is especially helpful for buyers who do not meet conventional loan requirements.

Debt-to-income ratio

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

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 30, 2025

The legal age to buy a house is generally 18 across most states , but being “ready” to buy a house has a lot more to do with your finances than your birthday. Income stability: Lenders typically want to see at least two years of consistent employment history. A 580 score is the bare minimum for FHA loans.

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

Housing Wire

SEPTEMBER 5, 2024

The Consumer Federation of America (CFA) is calling for policy changes that would help alleviate the difficulties for homebuyers using Federal Housing Administration (FHA) loans when competing in tight markets. of the U.S. mortgage market in 2023, up from 14.3% in 2022, according to HUD.

FHA loan

Housing Wire

MARCH 25, 2021

Gone are the days when you had to put 20% down to get approved for a loan to purchase a home. For example, a conventional loan lets you put as little as 3% down. An FHA loan requires as little as 3.5% With these rates, it’s a bit easier to save a down payment , while still paying down debt.

Debt-to-income ratio

Housing Wire

MAY 24, 2024

Student loan debt may affect your home-buying goals in a few key ways. Debt-to-income ratio (DTI) Lenders calculate your DTI ratio by dividing your total monthly debt payments (including student loans) by your gross monthly income to assess your ability to handle additional debt, like a mortgage.

Debt-to-income ratio

Housing Wire

JUNE 4, 2021

Your score will determine your financing options for buying a house. with an FHA loan. To determine what kind of house you can afford, you need to analyze your debt-to-income ratio (DTI). Your DTI shows how much money you put towards debt each month, and it’s relatively simple to calculate. .

Debt-to-income ratio

Housing Wire

DECEMBER 12, 2023

In this case, the total debt-to-income ratio (DTI) would be 51% and would exceed the Fannie Mae or Freddie Mac DTI limit of 50%. This suggests that DR Horton was offering the greatest buydowns to the most income-constrained borrowers in order to qualify more of them for financing. permanent rate buydown to 6%.

Debt-to-income ratio

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. So it’s win-win all round!

FHA loan

HomeLight

FEBRUARY 12, 2021

You’ve just received the first offer on your home — and it’s backed by an FHA loan. So what do you need to know about FHA loans as a seller? Today, FHA loans represent a fair share of the mortgage market; in 2018, the FHA insured 12.1% FHA loans help make homeownership more accessible.

FHA loan

HomeLight

AUGUST 31, 2021

The FHA backing lets lenders offer easier credit terms than non-FHA loans. FHA loans are especially important for first-time buyers. In 2020, only about 10% of all home loans were FHA-backed, according to the agency’s annual report. But more than 80% of those FHA borrowers were first-time homebuyers.

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

All FHA and/or VA loans during Chapter 13 Bankruptcy need to be manually underwritten. Manual underwriting is similar to automated underwriting system approval except there is lower debt to income ratio cap. Higher debt to income ratio borrowers need up to two compensating factors.

Bankruptcy

HomeLight

JUNE 16, 2023

If you’re selling to a buyer backed by an FHA loan , your home must clear an FHA appraisal for the loan to close. The FHA appraisal determines a property’s market value and ensures that the property meets the U.S. By contrast, most conventional loans require a credit score of 620 or above.

FHA loan