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

Lab Coat Agents

NOVEMBER 20, 2024

The buyer must also meet qualifications for demonstrated creditworthiness. VA loans provide a significant benefit, as they can be assumed by anyone, not just military personnel or veterans. And most VA loans can be assumed by investors, second home buyers, and buyers who intend to occupy the home as a primary residence.

Purchase and sale agreement

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

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. Qualifying for a HUD home. No problem!

Pre-approval

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. VA Loan: VA loans are exclusively available to veterans and service members.

VA loan

Redfin

JULY 11, 2023

Government-backed loans, such as FHA or VA loans, provide more flexible qualification criteria and specific benefits. PMI, or private mortgage insurance , is a type of insurance that protects the lender if the borrower defaults on the loan. Once the borrower’s equity reaches 20%, PMI can be canceled.

Pre-approval

Redfin

AUGUST 29, 2024

Homeownership is a long-term investment, and staying in one place allows you to build equity and stability. These loans are typically issued for more expensive homes and come with stricter qualification requirements. VA loan: Backed by the U.S. VA loans don’t require a down payment, among other benefits.

Earnest money deposit

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. What about interest rates?

Mortgages

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

The Close

DECEMBER 29, 2022

It generally results in a higher interest rate or additional points, but it’s a way for homeowners to leverage their equity in a property. It’s an official form certifying that a veteran has met the terms that qualify someone for a VA loan. Home equity conversion mortgage. Home equity line of credit (HELOC).

Purchase and sale agreement