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

JULY 30, 2025

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. Requirements Down payment: 3.5%

Loans

Marco Santarelli

DECEMBER 22, 2024

A down payment of 20% or more not only decreases the loan amount but also eliminates private mortgage insurance (PMI), making your overall payments more affordable. Debt-to-Income Ratio: Lenders prefer lower debt-to-income (DTI) ratios.

Mortgages

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 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 the National Association of Realtors , 52% of first-time buyers used a conventional loan to finance their home, while 29% used an FHA loan, and 9% used a VA loan. The share of first-time buyers using an FHA loan has declined from 55% in 2009 to 29% in 2024.

FHA loan

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 taking advantage of government-backed loans A common first-time homebuyer mistake is overlooking government-backed loans when these programs can make homeownership more accessible. Options like FHA loans , VA loans , and USDA loans offer low down payments and more lenient credit guidelines.

Pre-approval

Redfin

JULY 2, 2025

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. VA Loans If you’re a veteran, VA loans can be flexible if your new job is consistent with your past employment or military service.

Pre-approval

Marco Santarelli

FEBRUARY 26, 2025

And look at those VA loan rates if you're eligible for a VA loan, those are some seriously attractive numbers, especially the 15-year VA at just 5.30%. Pay down debt to improve your debt-to-income ratio. Lenders love to see low debt compared to your income.

Mortgages

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 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

Rochester Real Estate

NOVEMBER 5, 2015

As always, your agent should be able to point you in the right direction and your loan officer will be able to answer any FHA loan questions and provide guidance for filling out the mortgage application. These include improving credit and balancing your debt to income ratio. Happy house hunting!

Finance

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

Marco Santarelli

MARCH 20, 2025

VA Loans – A Benefit for Veterans: Backed by the Department of Veterans Affairs, VA loans offer significant advantages to eligible veterans, active-duty service members, and surviving spouses. These loans often come with no down payment requirements and competitive interest rates.

Mortgages

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 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 24, 2025

We’ll outline the key criteria lenders look for, including credit score, debt-to-income ratio, and home equity. Government-backed loans: Certain government-backed loan programs, such as FHA, VA, and USDA loans, have more flexible equity requirements. What is required for a mortgage refinance?

Mortgages

Redfin

JUNE 27, 2025

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% VA loans offer 0% down for eligible veterans, active-duty service members, and surviving spouses. USDA loans provide 100% financing for homes in rural or suburban areas.

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

JULY 30, 2025

Conventional 97: Backed by Fannie Mae or Freddie Mac, these loans offer 3% down options. VA loans : For eligible veterans or active-duty service members. USDA loans: Targeted for rural or low-income areas. A 580 score is the bare minimum for FHA loans. For better terms, aim for 620+ for conventional loans.

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? Because when you assume a mortgage, you keep the loan’s existing rate.

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

NOVEMBER 8, 2021

This is an absolute must, especially in the market right now as it gives the lender an opportunity to fill the listing agent in on the buyer’s background and how the VA loan process works,” Pascoe explained. There remains a belief among listing agents and their clients that the VA appraisal and closing process will be a hassle.

VA loan

Housing Wire

NOVEMBER 7, 2023

This implies easing inflation next year, and mortgage rates near 6% would help affordability issues caused by two things: The inflation fight has fueled the mortgage rate spike Low inventory and a steady job market have put a floor on home prices The good news is that GSEs remain committed to loan approval guidelines that help in these tough cycles.

Debt-to-income ratio

Housing Wire

APRIL 4, 2022

As interest rates rise, so do the monthly mortgage payments, which could be problematic for low-to-moderate income borrowers, said Alex Naumovych, loan officer at Draper & Kramer Mortgage. With the housing market still red-hot and inventory at a crisis level , borrowers with cash and conventional almost always win out with sellers.

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. We will cover and discuss qualifying for an FHA and/or VA loan during Chapter 13 Bankruptcy.

Bankruptcy

Housing Wire

AUGUST 7, 2023

Income and credit information are inputted into the AUS. Then, it makes a decision based on three primary factors: debt-to-income ratio (DTI), credit score and loan-to-value ratio (LTV). Borrowers with high loan-to-value ratios and lower credit scores are required to pay higher rates and fees for mortgages.

Closing

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. the most common types of assumable mortgages are government-backed loans such as the Department of Veterans Affairs (VA), Federal Housing Authority (FHA) and U.S.

Debt-to-income ratio

Rent, Buy & Sell

FEBRUARY 7, 2021

Instead, they guarantee the loan by approving and insuring banks and lending institutions. With FHA backing, these loans are more attractive to banks as they come with less risk than a traditional mortgage. VA loans are for veterans, service members, military spouses and other people associated with the military.

Loans

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

Calculated Risk Real Estate

APRIL 1, 2024

to a six-month peak “Early-payment delinquencies remain elevated” Here is a graph of the early delinquency rates for Conventional, FHA and VA loans. Conventional loans continue to perform well, but there is concern about FHA and VA loans. to a six-month low, and rolls from 30 to 60 days late down -4.9%

VA loan

Marco Santarelli

MAY 27, 2024

There are some requirements that both the buyer and seller need to meet, but these are generally less stringent than with conventional loans. VA Loans: These are government-backed mortgages guaranteed by the Department of Veterans Affairs. VA loans are also assumable, with similar requirements to FHA loans.

Debt-to-income ratio

Realty Biz

AUGUST 12, 2020

You need to have been employed at the same company for two years or more and the supporting documentation for this income. Your debt to income ratio needs to no more than 31 percent for housing expenses against your income.

Debt-to-income ratio

HomeLight

AUGUST 31, 2020

If you don’t have a lot of cash saved and you are a veteran or looking for a home a bit outside of the city, then you may qualify for no-down payment loans, such as a VA or USDA loan. For conventional loans with a 3% down payment, you’ll likely need a 620 FICO score. For an FHA loan with a 3.5%

Debt-to-income ratio

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