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

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 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

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 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

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

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

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 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

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. Several loan options, such as FHA or VA loans, only require a down payment of 3.5%

Pre-approval

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

Redfin

JULY 17, 2025

You’ll want to prepare: Bank statements Invoices or contracts Profit & loss reports Year-to-date income summaries 4. Veterans may be eligible for VA loans, which offer more flexible income and employment requirements. If you’ve been freelancing in the same field or have strong documentation, one year may be enough.

VA loan

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

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

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? So, why not just refinance?

FHA 203k rehab loan

Housing Wire

OCTOBER 27, 2020

Perfect credit would certainly make getting a loan easier (and cheaper), but it’s not a requirement by any means. FHA loans require just a 500 credit score, as long as you can make a 10% down payment, while VA loans have no credit score requirement whatsoever.

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

APRIL 4, 2022

The spectacular and historic spike in interest rates will hurt most homebuyers, but one group is especially vulnerable: FHA borrowers. Over 80% percent of FHA purchasers are first-time homebuyers, and borrowers of color obtained over 40% of FHA loans last year, according to HUD.

FHA loan

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. HA and/or VA Mortgage During Chapter 13 Bankruptcy Repayment Plan.

Bankruptcy

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

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

Point2Homes

DECEMBER 15, 2021

Therefore, even though, as a buyer, you are taking over the seller’s loan, you will still need to prove to the lender that you’re in a financial position to make mortgage payments. Here are some key factors to keep in mind about each: VA Loans. As a bonus, the U.S.

Debt-to-income ratio

Rent, Buy & Sell

FEBRUARY 7, 2021

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. These loans are backed by the Federal Housing Administration and only require a minimum credit score of 500. You will pay a VA funding fee when the deal closes.

Loans

Marco Santarelli

MAY 27, 2024

FHA Loans: These are government-backed mortgages insured by the Federal Housing Administration. FHA loans are a great option for first-time homebuyers or those with a lower credit score. The good news is that FHA loans are typically assumable.

Debt-to-income ratio

Realty Biz

AUGUST 12, 2020

The Federal Housing Administration loans program only requires a credit score of 580 and a down payment of 3.5 The low down payment requirement is one of the significant advantages of an FHA loan. You need to have been employed at the same company for two years or more and the supporting documentation for this income.

Debt-to-income ratio

HomeLight

AUGUST 31, 2020

For example, both conventional and FHA loans offer first-time buyers the opportunity to purchase a home with only 3% down (conventional) or 3.5% down (FHA). For a buyer, overlays could drastically alter your homebuying experience and possibly disqualify you from the loan you thought you could get. down for FHA loans.

Debt-to-income ratio

HomeLight

OCTOBER 22, 2021

Debts: How much of your income is going toward monthly minimum debt payments? Examples include credit card and student loan debt and your car payment. DTI ratio: Your debt-to-income ratio is a big deal for lenders. How much can I afford with a Federal Housing Authority (FHA) loan?

Pre-qualification

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.

Debt-to-income ratio

Realty Biz

SEPTEMBER 30, 2023

Government-backed programs: Government-backed mortgage programs, such as FHA loans, VA loans, and USDA loans, often have more relaxed credit score requirements. Consider alternative mortgage options: If traditional mortgages don't work out, explore alternative options such as FHA loans, VA loans, or USDA loans.

Finance

Point2Homes

JULY 5, 2021

The minimum credit score required for a conventional loan is typically 620. An FHA mortgage is a loan backed by the Federal Housing Administration, provided through an FHA-approved lender. FHA loans have some of the lowest credit score requirements , yet the figures are closely tied to the down payment amount.

FHA loan

HomeLight

OCTOBER 15, 2020

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). Here’s a quick rundown of the three major government-backed loans.

Loans

HomeLight

JULY 7, 2022

If you can’t afford a 20% down payment on your home and apply for a conventional loan, you’ll have to have private mortgage insurance (PMI) to cover the costs, or just plain mortgage insurance for a government loan (FHA loans or VA loans , for example). PMI will typically cost between 0.5%

Debt-to-income ratio

Lab Coat Agents

MAY 1, 2024

VA loan assumptions offer a fantastic opportunity for your clients to save thousands on their mortgage in a rising interest rate environment. What is a VA Loan Assumption? What is a VA Loan Assumption? This can provide significant savings compared to taking out a new loan at prevailing market rates.

VA loan

HomeLight

MARCH 9, 2023

You may be eligible for one of the following programs: FHA loans The Federal Housing Administration insures FHA loans with qualified lenders who will provide the following: Lower down payments (3.5% An FHA 203(K) loan insures mortgages for purchasing and rehabbing a home.

Loans

Realty Biz

MARCH 28, 2023

FHA Loans With backing from the Federal Housing Administration, an FHA loan has extremely low credit requirements and can be obtained for down payments as modest as 3.5 Additional benefits of an FHA loan include having the closing costs added to the loan so you don’t have to pay them upfront.

VA loan

Realty Biz

AUGUST 30, 2021

The FHA is a type of loan guaranteed by the Federal Housing Administration. FHA loans are among the most popular types of mortgages for first-time homebuyers due to the lower down payment requirements. The VA loan is backed up by the government and is an option for veterans, qualified service members, and spouses.

VA loan

Realty Biz

OCTOBER 4, 2020

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. It’s About Your Debt-to-Income Ratio. Student loans count the same as a car loan or credit card.

Debt-to-income ratio