Housing Wire

NOVEMBER 7, 2023

In the aftermath, one of the most contentious issues in the minds of mortgage professionals is how the ruling might affect FHA and VA mortgage borrowers. FHA loans are a popular option for first-time homebuyers or those who don’t have a lot of cash saved for a down payment, because the loans require a minimum of 3.5%

VA loan

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.

FHA loan

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?

FHA loan

HomeLight

NOVEMBER 29, 2021

With so many DPA programs, you’ll want to consult with someone who will know them best — your loan officer. What types of mortgage loans are there? Down payment requirements differ depending upon the loan types. Conventional loans. FHA loans. USDA loans. These are the most common ones.

Earnest money deposit

HomeLight

OCTOBER 15, 2020

Here’s a quick rundown of the three major government-backed loans. FHA loans : These are mortgages offered by the Federal Housing Administration , and they’re geared toward buyers with lower credit scores who don’t qualify for a conventional loan.

Loans

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. Seek professional advice: Working with a mortgage professional, such as a loan officer or mortgage broker, can provide valuable guidance.

Finance

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. Types of USDA loans.

Loans

HomeLight

JUNE 22, 2023

Credit scores typically fall into one of these ratings: 580 and below: poor 580-669: fair 679-739: good 740-799: very good 800-850: excellent The minimum credit score you need to be approved for a mortgage will depend on what kind of loan you are applying for.

Debt-to-income ratio

HomeLight

SEPTEMBER 1, 2022

Take it from Richie Helali, HomeLight Home Loan’s Mortgage Sales Leader, who shares, “My general recommendation is to talk to a lender first. The loan officer’s job is to help you solve your unique situation and be in a better position to buy.”. Student loan interest rates are pretty low – they’re designed that way.”.

Debt-to-income ratio

HomeLight

JUNE 19, 2023

The Chenoa Fund The Chenoa Fund is a national program that offers DPA second mortgages on conventional and FHA loans. One Chenoa Fund option even forgives the loan entirely after a certain number of on-time payments. After you’ve lived in the home for five years, the loan is forgivable. Minimum down payment required : 3.5%

FHA loan

Marco Santarelli

AUGUST 24, 2024

FHA Loans: Backed by the Federal Housing Administration FHA loans are government-backed loans designed to make homeownership accessible to a broader range of borrowers, including those with lower credit scores. USDA Loans: Supporting Rural Development and Homeownership USDA loans , offered by the U.S.

Mortgages

HomeLight

NOVEMBER 10, 2021

The larger the down payment you can afford, the better shape you’ll be in with both sellers and lenders when applying for a conventional home loan. Some loan types allow for smaller, more affordable down payments. An FHA loan , for example, requires a minimum of 3.5% The same holds true for VA loans for military families.

Closing costs

Realtor.com

APRIL 8, 2021

In many cases, you can combine MyHome Assistance with CalHFA’s loan programs, including FHA, USDA, VA, and conventional loans. These loans provide funds of up to 4% of the purchase price that can then be used toward down payment and closing costs. Just know that some loans, however, can’t be combined.

Debt-to-income ratio

HomeLight

JANUARY 21, 2022

The floor plan or home design. The type of unit, fuel, or design doesn’t play a part in the appraisal. For FHA loans, the electrical system “ needs to be adequate for the type of structure, and in functioning condition. ”. Custom build vs. cookie-cutter design. Outdoor spaces.

Design

HomeLight

SEPTEMBER 8, 2020

If you expect to pay between 3% (the minimum for a down payment) to 6%, then some of your options include an FHA loan, a Fannie Mae HomeReady loan, or a conventional loan. The Freddie Mac Home Possible loan is designed for buyers with lower credit scores. What if you have a low credit score ?

Inspection

HomeLight

SEPTEMBER 30, 2021

Another good bet is to speak to your friendly loan officer. Below is a rundown of some popular loan programs for first-time buyers. USDA loans. Department of Housing and Urban Development (HUD) — is a government-backed mortgage loan. This means that should you default on the loan, the FHA will protect the lender.

Loans

HomeLight

OCTOBER 29, 2021

Conventional loans closed in an average of 47 days in July 2021, while FHA loans took 51 days, and VA loans required an average of 52 to close. When you submit the application, be sure to ask your loan officer if the company needs any additional information or paperwork from you.

Closing

HomeLight

DECEMBER 30, 2021

According to the National Association of Realtors® Research Group’s 2021 data , 64% of buyers have conventional loans, 16% have FHA loans and 14% received VA loans. Since many lenders process a high volume of loans all around the country, local appraisers provide first-hand verification of the property’s condition.

Loans

Housing Wire

FEBRUARY 7, 2022

And although Fudge has repeatedly vowed to bring banks back to FHA, recent policy moves could drive them away. In California’s Contra Costa County, where the median home listing price is now $749,000, a loan officer priced a loan for a potential borrower with less-than-perfect credit, who had found a listing for $650,000.

Banks