Remove Debt-to-income ratio Remove FHA loan Remove Investor Remove Marketing
article thumbnail

FHA Loans and Down Payment Assistance: Making Homebuying Affordable

HomeLight

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.

article thumbnail

Reducing the racial wealth gap by expanding down payment assistance

Housing Wire

Currently, state agencies employ a plethora of program rules, and sources to fund their DPA programs including, among others, bond premiums, secondary market loan sales, internal resources, state sources, and recycled bond proceeds, which raises costs and limits lender participation across agency programs.

FHA loan 481
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

15 Mortgage Questions to Ask Lenders Before Buying a House

HomeLight

Save thousands when buying a home HomeLight recommended real estate agents are top-tier negotiators who understand the market data that helps you save as much as possible when buying your dream home. Debt-to-income ratio After looking at how much money is flowing into your household, you’ll want to write down your monthly debts.

article thumbnail

How to Qualify for an Owner-Occupied Home

Realty Biz

When it comes to investing in real estate , purchasing income properties can be the biggest hurdle to overcome - especially for those who wish to get into real estate investment in the first place. However, many real estate investors can rely on something called an “owner-occupied” home to build rental income as well as save on housing costs.

VA loan 76
article thumbnail

What’s a Conventional Loan? Here’s What Buyers Need To Know

HomeLight

Fannie and Freddie set requirements that all buyers have to meet to get a conforming loan. Maximum debt-to-income ratio of 43% (this is known as DTI, and it looks at how much debt you pay each month versus how much income you bring in). Non-conforming loans. How do you get a conventional loan?

Loans 92
article thumbnail

FHA Guidelines

Real Estate Finance HQ

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.

article thumbnail

How to Get a 203k Loan in 6 Steps (And What Else to Consider As a Buyer)

HomeLight

“The 203(k) loan is one of the best products in real estate when it’s used as an effective tool,” says Eric Forney , an Indianapolis real estate agent who sells his clients’ listings an average of 41% faster than the typical agent in his market. What’s a 203(k) loan? The 203(k) loan also has some limitations.

Loans 78