Redfin

JULY 30, 2025

This way, you’ll have a chance to build equity. The longer you own your home, the more equity you’ll build, leading to greater financial return when you decide to sell your home. >> It’s important to note, however, that your credit score influences your interest rate and loan options.

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. State and local programs: Cities and states may offer down payment assistance, forgivable loans, or closing cost help.

Purchase and sale agreement

Realty Biz

MARCH 30, 2023

There are fixed-rate mortgages, adjustable-rate mortgages, hybrid loans, reverse mortgages, and FHA loans that all come with varying interest rates. Documentation and the Pre-Approval Process Pre-approval is a must for anyone looking to purchase a home. that may help you get approved with favorable terms.

Mortgages

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

HomeLight

OCTOBER 5, 2020

” She adds, “You need a strong pre-qualification letter from a legitimate lender, and there’s no getting around that. There is a process you must follow to get pre-approved for a mortgage. Bank statements can also be used for certain mortgage loans if you have a non-traditional job or a side gig.

Short sale

HomeLight

JUNE 28, 2021

Due to the nature of how a home becomes a “HUD home,” purchasing one differs from the traditional homebuying process, and there are a few qualifications, special incentives, and risks that any savvy homebuyer should be aware of. Get pre-qualified with a mortgage lender. This loan does have income and location eligibility requirements.

Pre-approval

Lab Coat Agents

NOVEMBER 20, 2024

The most common types of assumable loans are those backed by the Federal Housing Administration (FHA), the Veterans Affairs (VA), and the U.S. FHA loans often allow for assumptions if both the seller and buyer meet the necessary requirements. The buyer must also meet qualifications for demonstrated creditworthiness.

Purchase and sale agreement

Marco Santarelli

OCTOBER 6, 2023

However, certain programs like FHA loans and VA loans allow for lower credit scores. FHA loans can accept a credit score as low as 500 with a higher down payment, while VA loans often require a credit score of 580. Having less equity limits your ability to leverage your home for future financial needs.

VA loan

HomeLight

MARCH 6, 2023

Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs to consider as well. Typically, the higher your credit score, the lower your interest rate will be, which saves you money over the life of the loan. Find the FHA loan limit for homes in the county you are looking to purchase here.

Earnest money deposit

Redfin

APRIL 7, 2023

Get pre-approved for a mortgage My advice to first-time homebuyers is to find a good loan officer and get pre-approved, fully underwritten approval is best. Work with that loan officer and their agent to understand what timeframes they’re comfortable with in an offer.

Pre-approval

HomeLight

MAY 31, 2021

Conventional home loans are private loans that aren’t secured by any kind of government program, and these are available through banks, credit unions, and mortgage companies. The minimum down payment can be as low as 3%, but that is contingent on the buyer’s qualifications. Do you offer points, and should I use them?

Mortgages

Redfin

AUGUST 29, 2024

Homeownership is a long-term investment, and staying in one place allows you to build equity and stability. Jumbo loan: Also known as non-conforming loans, jumbo loans exceed the limits set by conforming loans. Get pre-approved As you’re researching how to buy a house, you will want to get a mortgage pre-approval.

Earnest money deposit

HomeLight

APRIL 11, 2022

A property’s appraised value also indicates how much you’ll pay in real estate taxes — and gives you an idea of how any improvements you make can add to your home’s equity. If you have enough equity in the house, a lender may also waive the appraisal. Objective and impartial.

Loans

HomeLight

AUGUST 16, 2021

Are you open to doing some sweat equity in the beginning?” Painting walls and replacing floors can add instant equity to your home — but these jobs require hard work, and they’re not for the buyer who wants a flawless, move-in ready abode. Here’s a quick breakdown: Loan type. Buyers with strong credit and qualifications.

Closing costs

HomeLight

DECEMBER 6, 2021

You will just need to prepare for some additional complexities, such as: Taxes: It’s not a guarantee that you’ll owe taxes, but you may have to report a “gift of equity” that exceeds a certain amount to the IRS. You can easily find a top agent with relevant qualifications for the job through HomeLight.

Purchase and sale agreement