Marco Santarelli

MARCH 4, 2025

There are so many different types of loans, lenders, and economic factors that play a role. This reflects the perceived risk involved in refinancing an existing loan versus originating a new one. It offers a stable, predictable monthly payment over the life of the loan. Why Did Rates Drop (Even Slightly)? 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

Step 3: Research second-time homebuyer programs and loans Step 4: Work with an experienced agent Step 5: Make a strong offer as a second-time homebuyer Step 6: Plan your transition Second-time homebuyer FAQs Is it harder to buy a house the second time? If your finances have improved, you might even qualify for a larger loan or better terms.

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? The sky is not falling.

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 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

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. To afford a $250,000 home, most buyers will need an annual income between $62,000 and $80,000. What is the income needed for a $250k house?

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? of your loan amount per year. What’s your debt-to-income ratio?

Debt-to-income ratio

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

Not getting pre-approved for a home loan before starting your search A common mistake for first-time homebuyers is jumping into the search without first getting pre-approved for a mortgage. Even a small difference in your mortgage rate can really add up over the life of the loan, so it’s worth your time to shop around.

Pre-approval

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? of your loan amount per year. What’s your debt-to-income ratio?

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 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? of your loan annually. What’s your debt-to-income ratio?

Debt-to-income ratio

Marco Santarelli

MAY 9, 2025

The median monthly income is about $6,717.50. That means the monthly mortgage payment eats up a staggering 31.36% of their income! Year Loan Amount Interest Rate Monthly Payment Monthly Income Payment-to-Income Ratio 1974 $24,000 9.19% $196.39 $925 21.2% 2024 $320,000 6.9% $2,107.20 $6,717.50

Debt-to-income ratio

Redfin

JULY 23, 2025

In addition to repaying the principal amount of the loan, the monthly mortgage payment includes additional costs that can vary based on location and mortgage type. How loan type affects your mortgage payment There are multiple loan types to choose from, and each one uniquely impacts your monthly mortgage payment and interest paid over time.

Mortgages

Redfin

JULY 2, 2025

This Redfin article explains how job changes impact the mortgage process and what lenders look for—whether you’re applying for a home loan in Raleigh, NC or preparing to close on a house in Denver, CO. Exceptions: Special loan programs for recent job changes Some loan types are more flexible than others: 1.

Pre-approval

Marco Santarelli

JULY 11, 2025

State-level regulations, credit scores, and average loan sizes also play roles. Average Loan Size: Loan size correlates with rates. This is because operational costs are the same, regardless of the size of the loan. Each point equals 1% of the loan amount. This borrower is least likely to default on the loan.

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? Let’s get started.

Debt-to-income ratio

Marco Santarelli

MAY 14, 2025

Average Loan Size: The average loan size in a state can also impact rates. States with higher property values (and therefore larger loan amounts) might see different rates than states with smaller average loan sizes. Competition: Competition between lenders and across different loan types can drive rates up or down.

Mortgages

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? of your loan amount per year. Where are you trying to live?

Debt-to-income ratio

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? of your loan amount per year. What’s your debt-to-income ratio?

Debt-to-income ratio

Rochester Real Estate

NOVEMBER 5, 2015

It’s unfortunate, but not every prospective buyer is going to be able to qualify for a home loan. In the simplest terms the main difference is that a bank has its own lending criteria and offers loans by using its own funds. You have no control over who you loan gets sold to. In contrast, a mortgage broker is a middleman.

Finance

Redfin

MARCH 3, 2025

Example monthly payments for a $300K home (30-year loan at 6.5% Even a small rate increase can add thousands to the total cost of your loan. to 7.5%) could cost you over $60,000 more in interest over the life of the loan. to 7.5%) could cost you over $60,000 more in interest over the life of the loan.

Mortgages

Marco Santarelli

MAY 2, 2025

Average Loan Size: This one is pretty straightforward. 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. Remember September?

Mortgages

Redfin

MARCH 4, 2025

Key takeaways You can use your 401(k) to buy a home with a 401(k) loan or withdrawal. A 401(k) loan allows you to borrow the money without penalty, but you need to repay it. A 401(k) withdrawal is subject to a 10% penalty and income tax. There are two options to consider – 401(k) loans and 401(k) withdrawals.

Debt-to-income ratio

Redfin

JULY 28, 2025

Key takeaways: There are several options, loans, and assistance programs that make it possible to buy a house with low income. Take steps to improve your chances of qualifying for a mortgage by building credit, paying down debts, and saving for a down payment.

VA loan

Redfin

JULY 30, 2025

Most homebuyers will need to think ahead about the following costs when estimating how much money is needed to purchase a home: Down payment: The down payment is a percentage of the home’s purchase price, anywhere from 0% to 20% depending on your loan. Several loan options, such as FHA or VA loans, only require a down payment of 3.5%

Pre-approval

Redfin

JULY 16, 2025

Most lenders follow a guideline that your monthly housing expenses should fall between 28% and 31% of your gross monthly income. Example scenario Let’s assume the following: Home price: $300,000 Down payment: 20% ($60,000) Loan: $240,000 with a 30-year term at 7.0% Here are the most important: 1.

Debt-to-income ratio

Marco Santarelli

JUNE 3, 2025

Some lenders might specialize in certain types of loans or cater to specific credit profiles, allowing them to offer more competitive rates in those areas. Factors like average credit scores, loan sizes, and foreclosure rates can all affect the rates lenders offer in a particular state.

Mortgages

Redfin

JUNE 27, 2025

Key takeaways: Your first-time home buyer benefits include down payment and closing cost assistance, grants, tax benefits, and low-interest or forgivable loans. Eligibility depends on factors like income, location, home price, and use of an approved lender. Grants Unlike loans, grants don’t need to be repaid.

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. Larger loans might sometimes come with slightly different rates.

Mortgages

Redfin

JULY 17, 2025

We’ll outline how you can make your case without the typical job history and which loans might be a better fit. They want to be confident that you have a reliable source of income to make your monthly payments—not just now, but for years to come. Military veteran? Service history can sometimes substitute for traditional work history.

VA loan

Redfin

JULY 30, 2025

In fact, today’s first-timers are older than ever, thanks to factors like rising home prices , student loan debt, and stricter lending standards. Income stability: Lenders typically want to see at least two years of consistent employment history. These include: FHA loans : Great for first-time buyers with lower credit scores.

FHA loan

Marco Santarelli

MAY 22, 2025

Average Loan Size: The size of the average mortgage loan can also impact rates. Larger loan amounts sometimes come with different risk profiles for lenders. 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.

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? In this article (Skip to.)

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