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

Redfin

JULY 30, 2025

What’s the difference between a fixed-rate mortgage and adjustable-rate mortgage? When choosing a mortgage, you’ll need to decide between a fixed-rate mortgage or an adjustable-rate mortgage (ARM). Should I get pre-qualified or pre-approved for a mortgage?

Pre-approval

Redfin

JULY 31, 2025

Look into first-time homebuyer benefits Many programs are designed to make homeownership more accessible for first-time buyers by reducing upfront costs, lowering monthly payments, and helping with mortgage qualification. Adjustable-Rate Mortgage (ARM): Starts with a lower fixed rate, then adjusts based on market trends.

Purchase and sale agreement

Marco Santarelli

SEPTEMBER 30, 2023

According to Bankrate, the average FHA loan rate for credit scores of 680-699 is 5.531% as of September 30, 2023. However, it is important to note that interest rates can vary depending on a number of factors, including the loan amount, loan term, and the borrower's debt-to-income ratio.

FHA loan

Realty Biz

SEPTEMBER 30, 2023

Seek professional advice: Working with a mortgage professional, such as a loan officer or mortgage broker, can provide valuable guidance. They can help you navigate the mortgage process and identify suitable options based on your financial situation and provide you with a pre-approval. Reduce your existing debt.

Finance

Redfin

JULY 11, 2023

The interest rate and term length determine the amount of your monthly payments. What are the different types of mortgages? When considering mortgage options, it’s important to understand the different types available. How does the mortgage pre-approval process work?

Pre-approval

The Close

DECEMBER 29, 2022

It’s kind of like a fixed-rate mortgage and an adjustable-rate mortgage had a baby. A convertible ARM is a mortgage with a much lower interest rate at the start of the loan, where the interest rate fluctuates during the life of the loan, usually every six months. Debt-to-income ratio (DTI).

Purchase and sale agreement