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.

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Housing Wire

MAY 24, 2024

Nearly 1 in 5 millennials (19%) think their credit card debt will be a stumbling block when applying for a mortgage, while 1 in 7 (14%) think the same about their student loans. How student loans impact your ability to buy a home Adding a mortgage on top of monthly student loan payments can create a significant financial strain.

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Housing Wire

OCTOBER 27, 2020

It influences what loans you’re eligible for, how much you can take out, and how much you’ll pay in interest over the life of your loan. Perfect credit would certainly make getting a loan easier (and cheaper), but it’s not a requirement by any means. Myth 2: You can’t buy a house if you have lots of student loan debt.

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Housing Wire

JUNE 4, 2021

If you have poor credit, it’s less likely a lender will approve you for a loan. The good news is, you can raise your credit score by paying down debt and making your payments on time. Step 2: Look At Different Loan Options. with an FHA loan. First, figure out our total monthly debts. each month?

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Housing Wire

APRIL 4, 2022

Text sign showing hand written words FHA Home loan. The spectacular and historic spike in interest rates will hurt most homebuyers, but one group is especially vulnerable: FHA borrowers. The FHA also insured more than twice as many loans to Black and Hispanic borrowers last year as the rest of the mortgage market combined.

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Housing Wire

DECEMBER 12, 2023

Limited to loans with CLTV 76-80 and FICO 720-770 to control for the effect of loan level pricing adjustments. Note: Data are for 30-year fixed rate primary-owner occupied purchase loans. Note: Data are for 30-year fixed rate primary-owner occupied purchase loans. As of July 2023, the gap had slightly narrowed to 0.8

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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%.

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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.

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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.

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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.

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Realty Biz

MARCH 16, 2023

If qualifying for a conventional loan is difficult, and you aren't eligible for VA or USDA loans, an FHA loan could be the answer. FHA loans allow you to pay 3.5% But there are also downsides to FHA-insured loans. So is this type of loan right for you? What are FHA Loans?

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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?

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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.

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Realty Biz

APRIL 5, 2022

However, FHA and VA loans are the only two mortgage loan programs that allow borrowers during Chapter 13 Bankruptcy to be eligible for a home mortgage. FHA and VA guidelines during Chapter 13 Bankruptcy is almost the same. We will cover and discuss qualifying for an FHA and/or VA loan during Chapter 13 Bankruptcy.

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Rent, Buy & Sell

FEBRUARY 7, 2021

Great credit allows people to get the best interest rates on various types of loans. Bad credit is usually the result of late bill payments, bankruptcy, foreclosure and loan defaults. The FHA Loan program was created to help low to moderate-income homebuyers, particularly those that do not have enough cash saved for a down payment.

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HomeLight

SEPTEMBER 1, 2022

Well, hello there, student loan debt. Millennials and Gen-Zers have on average $36,000 in student loan debt , as the Education Data Initiative reports in its 2021 study. with student loans and are worried about how that may impact your ability to buy a home. Why might that be? The best place to start? Get Started.

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HomeLight

OCTOBER 15, 2020

We talked to Jessica Sanchez, Director of Underwriting & Loan Management at HomeLight Home Loans, to walk through the ins and outs of conventional loans. What’s a conventional loan? A conventional loan is a private mortgage that’s not backed by the federal government (we’ll get to government loans in a bit).

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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?

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Point2Homes

DECEMBER 15, 2021

An assumable mortgage is a financial agreement in which a homebuyer takes over, or assumes, the seller’s outstanding mortgage balance and its terms when buying a home , rather than taking out their own loan. Or you can assume your partner’s mortgage in case of a divorce if your name is listed on the house title but not on the initial loan.

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HomeLight

MARCH 9, 2023

Disclaimer: This post about loan and assistance programs for low-income and minority homebuyers is provided for educational purposes and does not constitute financial advice. We’ve gathered information about assistance programs and their various options, from loans to down payment assistance. However, there is help out there.

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Marco Santarelli

AUGUST 24, 2024

Securing a mortgage with a less-than-perfect credit history can feel like scaling a mountain, but it's definitely achievable, especially with an FHA loan. Let's unravel the mysteries surrounding FHA credit score requirements and light your path toward homeownership. FHA loans can be secured with as little as 3.5%

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Realty Biz

MARCH 12, 2023

A real estate underwriter plays a critical role in the mortgage industry by evaluating loan applications and assessing real estate investment-associated risks. Evaluates Loan Applications An underwriter reviews the loan application to determine whether the borrower meets the lender's eligibility criteria.

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Realty Biz

MARCH 24, 2023

Though, if you want to use an FHA loan , you might find it more difficult as condos need to be approved. We will take an in-depth look at the FHA condo approval process and the importance of doing so. What are FHA Approved Condos? When this happens, they will be given a condo ID number and added to the FHA approval list.

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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.

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Marco Santarelli

SEPTEMBER 30, 2023

FHA mortgage rates are typically higher than conventional mortgage rates, but they can be a good option for borrowers with lower credit scores or smaller down payments. The minimum credit score for an FHA loan is 580 with a 3.5% However, many FHA lenders require credit scores of at least 620. can qualify for an FHA loan.

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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.

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HomeLight

JUNE 21, 2023

Others, such as the California Employee Loan Program, or CELP , are targeted to residents in a particular state. Veterans also can combine a VA loan with this program. State and local-level programs What they are: These programs provide loan benefits to any current or retired state, city, or county employees, including teachers.

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HomeLight

AUGUST 31, 2020

Knowing whether you qualify and how to qualify as a first-time homebuyer is half the battle, then comes understanding the advantages — like low-money-down or no-money-down loans and grants that often accompany the coveted first-time buyer status. down (FHA). USDA Rural Development loans also allow for 100% financing (or 0% down).

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Realty Biz

OCTOBER 4, 2020

A study by American Student Assistance found that 55% of student loan holders said their debt is causing them to put off homeownership. With low-interest rates and low or no-down payment programs available, people saddled with large student debt should be doing everything they can to take advantage of these opportunities.

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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.

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HomeLight

DECEMBER 30, 2021

Unless you’re paying cash for your new home, you’ll need a mortgage loan. And if you’re a first-time buyer, you’ll probably have more than a few questions about types of loans, how much down payment you’ll need, and how to qualify for the right loan for you. Are there loans for first-time homebuyers?

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HomeLight

AUGUST 31, 2021

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. . In addition to 12 years of experience as a real estate agent, Forney has personal experience using a 203(k) loan to purchase and fix up his first home.

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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.

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HomeLight

JULY 7, 2022

Instead of thinking of the price tag of a home as affordable, look at whether you can afford to borrow the money it will cost and can repay the loan in monthly payments. of your loan value annually; the less you put down, the higher your PMI will be. With the shorter loan, you will often get the very best interest rate, Brown says.

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Realty Biz

AUGUST 12, 2020

Taking the time to work on your finances can put you in a much better position to get better terms on your loan that will benefit you financially both in the short and long term. Your employment can play a large part in lenders approving your loan. Do you have a high income to loan value ratio?

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Marco Santarelli

MAY 27, 2024

If you're in the market for a house, that 7% average rate on a 30-year fixed loan might feel like a brick wall blocking your dream of homeownership. An assumable mortgage is a way to take over the existing mortgage on a property instead of getting a brand-new loan. Unfortunately, conventional loans are generally not assumable.

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Realtor.com

NOVEMBER 28, 2022

While there are a variety of mortgages aimed at helping homebuyers afford a home—such as FHA loans and VA loans —one type that’s often overlooked are USDA loans, which offer excellent terms to those who qualify, including a 0% down payment and low interest rates. What is a USDA loan? Types of USDA loans.

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