Housing Wire

DECEMBER 12, 2023

Assuming a 30-year fixed rate mortgage of 7% with 20% down payment, the monthly payment would be roughly $2,100. In both cases, the borrower’s monthly payment would drop to $1,900, which allows the borrower to qualify with a DTI below 50%. To reduce the DTI to 48%, the builder would need to cut the sale price by 10%.

Debt-to-income ratio 390

Debt-to-income ratio Loans FHA loan Fixed-rate mortgage 390

Housing Wire

FEBRUARY 6, 2023

Citing data from Fannie Mae and Freddie Mac, the MBA said lenders are facing “a rising number” of repurchase requests from the GSEs, the majority of which are related to income calculations. LOs brought up concerns surrounding fairness against lower risk borrowers with higher credit scores and larger down payments.

Loans 370

Loans Mortgages Finance Closing 370

Housing Wire

MAY 23, 2022

HousingWire Content Solutions Managing Maleesa Smith and Katrina Jones, Fannie Mae’s vice president of Racial Equity, Strategy and Impact, recently sat down to discuss the challenges facing homebuyers today and what Fannie Mae is doing to create new opportunities for homeownership.

Equity 391

Equity Loans Mortgages 391

Housing Wire

JUNE 4, 2021

The good news is, you can raise your credit score by paying down debt and making your payments on time. First-time homebuyers have mortgage options available that don’t require a high down payment. For example, if you have a minimum score of 580, you could be approved to put down as little as 3.5% with an FHA loan.

Debt-to-income ratio 446

Debt-to-income ratio FHA loan Loans Land 446

Housing Wire

JANUARY 8, 2021

Then you’re probably already saving money for your down payment. In this article, we break down exactly what closing costs are so you’re prepared when you start shopping for a home: What are closing costs? The average down payment on a house is smaller than you think. Loan Origination Fee.

Closing costs 527

Closing costs Closing Title search Title 527

Redfin

APRIL 17, 2024

From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home So whether you already live in the Emerald City or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Seattle. Like most other metros in the U.S.,

FHA loan 65

FHA loan Loans Principal Mortgages 65

Redfin

APRIL 16, 2024

From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home So whether you already live in The Mile High City or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Denver. This assumes you put 3.5%

FHA loan 64

FHA loan Loans Principal Mortgages 64

Redfin

APRIL 17, 2024

From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home So whether you already live in the City of Lakes or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Minneapolis. This assumes you put 3.5%

FHA loan 65

FHA loan Loans Principal Mortgages 65

Redfin

APRIL 10, 2024

From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home So whether you already live in Music City or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Nashville. down and have around a 7% interest rate.

FHA loan 66

FHA loan Loans Principal Mortgages 66

Redfin

APRIL 16, 2024

From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home So whether you already live in The City of Roses or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Portland. This assumes you put 3.5%

FHA loan 64

FHA loan Loans Principal Mortgages 64

Redfin

APRIL 11, 2024

From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home So whether you already live in Sin City or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Las Vegas. down and have around a 7% interest rate.

FHA loan 67

FHA loan Loans Principal Mortgages 67

Redfin

APRIL 11, 2024

From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home So whether you already live in ATX or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Austin. down and have around a 7% interest rate.

FHA loan 67

FHA loan Loans Principal Mortgages 67

Redfin

APRIL 12, 2024

From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home So whether you already live in Florida’s capital or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Jacksonville. This assumes you put 3.5%

FHA loan 64

FHA loan Loans Principal Mortgages 64

Redfin

APRIL 16, 2024

From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home So whether you already live in the Emerald City or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Seattle. Like most other metros in the U.S.,

FHA loan 61

FHA loan Loans Principal Mortgages 61

Realty Biz

DECEMBER 22, 2023

has just released its EMI Calculator, an efficient solution to simplify loan repayment planning. Functionality and benefits of the EMI Calculator: Properly managing loans is essential for maintaining financial stability and achieving long-term goals, whether home, car, or personal loans. Calculator.io

Loans 90

Loans Principal Finance Banks 90

Redfin

APRIL 10, 2024

From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home So whether you already live in The Valley of the Sun or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Phoenix. This assumes you put 3.5%

FHA loan 63

FHA loan Loans Principal Mortgages 63

HomeLight

FEBRUARY 28, 2024

Whether you’re looking for a second home as a cozy getaway spot or a savvy investment, one of your first questions is likely: What down payment will I need for a second home? We’ll share the minimum down payment requirements and provide tips to possibly secure a second home without an upfront payment.

Debt-to-income ratio 92

Debt-to-income ratio Loans Finance Agents 92

Redfin

APRIL 12, 2024

From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home So whether you already live in The Big Guava or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Tampa. down and have around a 7% interest rate.

FHA loan 61

FHA loan Loans Principal Mortgages 61

Keeping Current Matters

SEPTEMBER 23, 2021

You’ll pay more in mortgage payments each month if both variables increase. Let’s assume you purchase a $350,000 home this year with a 30-year fixed-rate loan at 2.86% after making a 10% down payment. Your monthly mortgage payment, after putting down 10%, would increase to $2,166.

Principal 279

Principal Mortgages Equity Loans 279

Redfin

APRIL 16, 2024

From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home So whether you already live in the Steel City or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Pittsburgh. This assumes you put 3.5%

FHA loan 57

FHA loan Loans Principal Mortgages 57

Realty Biz

SEPTEMBER 27, 2023

Your payment goes to principal and interest each month following an amortization schedule. Here’s how your monthly payment breaks down over time — and what that means for you. A monthly mortgage payment includes principal, interest, and other fees such as property tax and private mortgage insurance (PMI).

Principal 114

Principal Staging Loans Equity 114

HomeLight

NOVEMBER 29, 2023

It leverages the equity in your current home, providing you with the necessary funds for a down payment and covering closing costs on your new property. In this scenario, the equity from your existing home is used to help finance your new property’s down payment and closing costs.

Equity 101

Equity Loans Debt-to-income ratio Home sale contingency 101

Broke Agent Media

APRIL 11, 2023

BAM Key Details: With Zillow’s newest filter—now available on the Zillow app and coming soon to Zillow.com—buyers looking for homes can now search based on monthly payments. The new filter uses up-to-date information on mortgage rates and housing prices to calculate monthly housing costs and suggest affordable options.

Principal 98

Principal Mortgages Finance Loans 98

Marco Santarelli

APRIL 24, 2024

Mortgage rates , a crucial factor impacting your monthly payments, can add another layer of complexity. While high rates translate to larger monthly payments, waiting for a potential drop comes with its own set of challenges. Let's face it, buying a home can be an exciting yet intimidating journey. So, what's the smart move?

Pre-approval 52

Pre-approval Mortgages FHA loan Fixed-rate mortgage 52

HomeLight

JANUARY 22, 2024

In this guide, we break down the cost of living in Maryland, from housing expenses to food and healthcare costs. The CLI is calculated by assessing the price of essential goods and services such as housing, food, healthcare, and transportation in different areas. Housing: 152.20 Utilities: 109.20 Transportation: 100.20 Health: 96.20

Home sale contingency 102

Home sale contingency Closing costs Technology Equity 102

HomeLight

JANUARY 22, 2024

This guide breaks down the cost of living in Wyoming, from housing to food or healthcare expenses. The CLI is calculated by assessing the price of essential goods and services such as housing, food, healthcare, and transportation in different areas. and “How does it compare to where I currently live?” Housing: 80.70 Utilities: 85.70

Home sale contingency 101

Home sale contingency Closing costs Technology As-is 101

HomeLight

JANUARY 30, 2024

The CLI is calculated by assessing the price of essential goods and services such as housing, food, healthcare, and transportation in different areas. A cost of living index will typically break down and score each basic expense by category. They provide a way to compare the price of maintaining a certain standard of living.

Home sale contingency 105

Home sale contingency Closing costs Technology Sales 105

HomeLight

OCTOBER 25, 2023

If you are relying on the equity in your current home to make a down payment on the new one, it may seem the only way the puzzle fits together is to sell, move out, and find a third location to live while you shop for the new house. They usually mandate that your current residence is actively listed for sale.

Equity 102

Equity Loans Debt-to-income ratio Closing costs 102

Keeping Current Matters

AUGUST 11, 2021

Here’s the methodology for each data point of the table below: Mortgage Amount : Take the median sales price at the end of the second quarter of each year as reported by the Fed and assume that the buyer made a 10% down payment. P&I : Use a mortgage calculator to determine the monthly principal and interest on the loan.

Principal 222

Principal Short sale Mortgages Sales 222

HomeLight

JANUARY 30, 2024

In this guide, we break down what makes up the cost of living in Vermont, from housing expenses to food and healthcare costs. The CLI is calculated by assessing the price of essential goods and services such as housing, food, healthcare, and transportation in different areas. Housing: 131.40 Utilities: 120.80 Transportation: 115.60

Home sale contingency 98

Home sale contingency Closing costs Technology Sales 98

Keeping Current Matters

FEBRUARY 11, 2021

In reality, there’s hard evidence that shows how owning a home is more affordable than renting in most parts of the country, as record-low interest rates are keeping monthly mortgage payments about 23% lower than the typical payment of 20 years ago.

Short sale 253

Short sale Mortgages Sales As-is 253

HomeLight

DECEMBER 15, 2023

This type of loan leverages the equity in your existing home, providing you with the necessary funds for a down payment and to cover the closing costs of your new property. It uses the equity from your previous home to cover the down payment and closing costs for your new home, acting as a financial bridge between the two transactions.

Equity 100

Equity Loans Debt-to-income ratio Home sale contingency 100

Realty Biz

MAY 2, 2023

But buying a home is a huge step that requires a lot of financial planning and calculation. Besides the cost and affordability, you may want to compare lenders to ensure you get the best deal before settling for one, and this is where a mortgage calculator comes in. What Is a Mortgage Calculator?

Debt-to-income ratio 86

Debt-to-income ratio Mortgages Principal Loans 86

HomeLight

DECEMBER 15, 2023

A bridge loan lets you leverage the equity in your current home to provide the necessary cash for a down payment and to handle closing costs for your new house. The lender will calculate your debt-to-income ratio (DTI). Some lenders offer no payments during the loan period. When is a bridge loan a good solution?

Equity 97

Equity Loans Debt-to-income ratio Home sale contingency 97

HomeLight

JANUARY 30, 2024

In this guide, we break down the cost of living in Maine, from housing expenses to food and healthcare costs. The CLI is calculated by assessing the price of essential goods and services such as housing, food, healthcare, and transportation in different areas. Housing: 118.90 Utilities: 108.00 Transportation: 112.80 Health: 96.20

Home sale contingency 91

Home sale contingency Closing costs Technology Sales 91

Marco Santarelli

APRIL 19, 2024

Closing Costs: A Not-So-Small Down Payment You Didn't Know You Needed Closing costs encompass a variety of fees associated with finalizing your home purchase and obtaining your mortgage. Think of them as a not-so-small down payment you weren't expecting. Consider saving for a larger down payment to avoid PMI altogether.

Mortgages 52

Mortgages Closing costs Title search Title 52

HomeLight

DECEMBER 5, 2023

It hands you the cash needed for a down payment and covers those pesky closing costs on your new purchase. It’s like unlocking the treasure chest that holds your down payment and covers those essential closing costs for your fresh start. One Move Only: You won’t have to endure the hassle of moving twice.

Equity 98

Equity Debt-to-income ratio Loans Home sale contingency 98