article thumbnail

51 Brilliant Real Estate Tips for Buyers to Edge Past the Competition

HomeLight

VA loans : Finally, there are VA loans that have advantageous features for qualifying military service members and their spouses. Other features: VA loans are a great option for qualifying buyers because they have low rates and fees, and require zero down. Sweeten the pot with earnest money.

article thumbnail

Your Top 11 Questions About Down Payments, Answered (Including: What’s an Average Down Payment?)

HomeLight

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. Home loan benefits and housing programs offered through the U.S.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How to Buy a House in the Bay Area: 14 Steps to Close the Sale

HomeLight

Loans are between 3%-3.5% CalHFA works through approved lenders, and buyers apply for the program through their loan officer. Find the FHA loan limit for homes in the county you are looking to purchase here. Special programs VA loans: For veterans, service members, and surviving spouses.

Closing 91
article thumbnail

How to Buy a House in San Diego: 14 Steps to Close the Sale

HomeLight

Loans are between 3%-3.5% CalHFA works through approved lenders, and buyers apply for the program through their loan officer. Department of Housing and Urban Development (HUD) website to find the FHA loan limit in the county where you’re shopping for a home. Visit this link on the U.S.

Closing 96
article thumbnail

21 Dos and Don’ts When Buying a Home

HomeLight

Transaction details: the purchase agreement and a copy of your earnest money deposit. Some loan programs, such as those backed by the FHA , allow for a down payment as small as 3.5% Additionally, you may qualify for a conventional loan with as little as 3% down. Bank statements. Tax returns for the last two years.

article thumbnail

Down Payment Assistance in Florida: Buying In the Sunshine State

HomeLight

An FHA loan , for example, requires a minimum of 3.5% A USDA home loan , which is available for rural and some suburban areas, might not require a minimum down payment at all. The same holds true for VA loans for military families. Earnest money: What’s normal to pay in Florida. Home loans.

article thumbnail

131 Real Estate Terms & Definitions Your Clients Expect You to Know in 2023

The Close

It’s an official form certifying that a veteran has met the terms that qualify someone for a VA loan. VA loans might have a lot of red tape, but they can be excellent, affordable options for service members and their spouses. Earnest money deposit. Loan officer. Related Article.