Marco Santarelli

FEBRUARY 16, 2025

VA and FHA Loans : Competitive rates with a 30-year VA at 5.98% and FHA rates starting at 5.75%. per month (Principal & Interest) 15-Year Fixed (5.87%) : Approximately $1,296.19 per month (Principal & Interest) 15-Year Fixed (5.87%) : Approximately $1,728.25

FHA loan

Marco Santarelli

JUNE 17, 2025

Government Loans Government-backed loans are fantastic options, especially for first-time homebuyers or those with lower credit scores: FHA Loans : The 30-year fixed rate for FHA loans is currently 7.42% , a rise of 0.59% from last week.

Mortgages

Marco Santarelli

MARCH 31, 2025

Let's quickly touch on the different types of loans listed. Fixed-rate mortgages (like the 15-year, 20-year, and 30-year options) keep the same interest rate for the entire loan term. This means your principal and interest payment never changes, offering predictability which many homeowners value.

Mortgages

Marco Santarelli

MARCH 27, 2025

VA Loans: Continue to offer potentially lower rates for eligible military-affiliated borrowers. The 30-year VA loan rate is at 6.14%. FHA Loans: May provide lower rates than conventional loans, but typically involve mortgage insurance payments for the duration of the loan.

Mortgages

Redfin

JULY 30, 2025

Here are the minimum credit scores needed to qualify for certain loans: Conventional loans: 620-660 Jumbo loans: 700 FHA loans: 500-580 VA loans: no requirement USDA loans: typically 620, but can be lower 8. Several loan options, such as FHA or VA loans, only require a down payment of 3.5%

Pre-approval

HomeLight

MAY 14, 2025

Be aware of minimum property standards for certain loans When you place your home on the market, its hard to predict if your top offer will come from a cash buyer or a buyer pre-qualified for a home loan. General Tax Rate: 1.25% (No change) Clean Water Surcharge: Increases from 0.2%

As-is

Redfin

JULY 23, 2025

VA loans , available to eligible veterans and active-duty service members, require no down payment and no PMI. Other options like FHA loans or certain first-time homebuyer programs allow down payments as low as 3%, though they may still include mortgage insurance and stricter debt limits. However, there are exceptions.

Debt-to-income ratio

Marco Santarelli

JUNE 30, 2025

This demonstrates that different loan terms can react uniquely to market conditions. Government Loans Government-backed loans, like FHA and VA loans, offer different terms and requirements, often making them appealing to first-time homebuyers or veterans. Let's illustrate with an example.

Fixed-rate mortgage

Redfin

JULY 30, 2025

Loans and programs for first-time buyers Loan Who qualifies Minimum down payment Minimum credit score Key qualifications Conventional loans Borrowers with good credit and stable income 3% 620 Strong credit, steady income, low DTI ratio FHA loans Borrowers with lower credit scores and limited savings 3.5%

Debt-to-income ratio

Marco Santarelli

JUNE 17, 2025

Government Loans Government-backed loans are fantastic options, especially for first-time homebuyers or those with lower credit scores: FHA Loans : The 30-year fixed rate for FHA loans is currently 7.42% , a rise of 0.59% from last week.

Mortgages

Marco Santarelli

MARCH 2, 2025

This calculation accounts only for principal and interest, excluding property taxes, homeowners insurance, or any potential PMI required. Similar to the example above, this amount reflects principal and interest only, focusing on the basic mortgage cost. down payment.

Mortgages

Housing Wire

MAY 25, 2021

Mortgages would be subject to FHA loan limits. percent of the principal, which could be financed, and would not pay a monthly insurance premium. Like VA loans, which are popular with investors but not homesellers , the benefit would allow the borrower to skip the down payment altogether. Al Lawson (D-Fla.),

FHA loan

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

Housing Wire

OCTOBER 2, 2020

million homeowners remain in COVID-19-related forbearance plans representing $751 billion in unpaid principal. According to the report, the portfolio-held and private labeled security loans were largely responsible for the recent increase, with forbearance share gaining from 7.1% to 7.3% – a total of 28,000 new loans in forbearance.

Loans

Housing Wire

FEBRUARY 7, 2023

. “The little that I’ve dabbled in assumable loans, they are very difficult to maneuver,” Rochelle Gano, a Vancouver, Washington-based loan officer at Movement Mortgage , told HousingWire. Gano added that FHA loans seem “a little more workable” than the VA and USDA options.

FHA loan

Housing Wire

JUNE 26, 2023

The total number of loans in forbearance at the end of Q1 stood at 65,757, coming out to 0.21% of the total loans serviced and 15% of delinquent loans. Sixteen percent of home modifications in Q1 were modifications with principal forbearance, the report said. The serious delinquency rate also decreased to 0.6%

VA loan

Housing Wire

OCTOBER 24, 2022

Unlike Fannie and Freddie, however, Ginnie does not purchase loans. Ginnie guarantees only the principal and interest payments to purchasers of its bonds, which are sold worldwide. As of September, the 30-day delinquency rate for FHA loans stood at 3.77%, up from 3.02% as of the beginning of the year, Recursion data shows.

Principal

Housing Wire

OCTOBER 9, 2020

million homeowners remain in COVID-19-related forbearance plans, representing $614 billion in unpaid principal. In the week prior, portfolio-held and private labeled security loans were largely responsible for the slight increase, with forbearance share gaining to 7.3% for a total of 28,000 new loans in forbearance. As of Oct.

Loans

HomeLight

DECEMBER 8, 2023

An assumable mortgage is a type of home loan transaction that allows a new buyer to take over the seller’s existing mortgage. Instead of securing a new mortgage, the buyer takes over where the seller left off, literally “assuming” the remaining principal balance, repayment period, and other terms.

VA loan

Realty Biz

AUGUST 30, 2022

PMI is applied to the outstanding principal when a borrower puts down a payment of less than 20%, and it generally lasts until the loan-to-value (LTV) ratio drops below 80%. of the outstanding principal. FHA, USDA, and VA loans are different types of mortgages that are backed by US government agencies.

VA loan

HomeLight

NOVEMBER 20, 2023

Instead of securing a new mortgage with higher rates, a buyer can assume the home seller’s existing interest rate, principal balance, repayment period, and other terms of the lending agreement. “A A qualified buyer must meet standard FHA loan requirements, such as a minimum credit score of 580 and a 3.5% down payment.

FHA loan

Point2Homes

DECEMBER 15, 2021

As a result, you will need to meet the lender’s requirements when it comes to credit score and credit history, income and debt-to-income ratio to qualify for a loan. Once the lender approves your mortgage assumption application, you will take over the title of property as well as the seller’s remaining principal balance.

Debt-to-income ratio

HomeLight

AUGUST 31, 2021

PMI can be dropped when you reach 20% equity by paying down your loan principal. FHA loans are government-backed loans geared toward buyers who don’t qualify for conventional loans. Mortgage insurance requirements : Mortgage insurance is required on all FHA loans. USDA loans.

FHA loan

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. Q: What’s included in my monthly mortgage payment?

Debt-to-income ratio

Norada Real Estate

JUNE 22, 2022

If your down payment is lower than 20%, your loan-to-value ratio for conventional financing will be higher than 80%, and your lender may require you to pay private mortgage insurance. A fixed-rate mortgage means your mortgage interest rate and your total EMI of principal and interest will stay the same for the entire term of the loan.

Finance

Lab Coat Agents

NOVEMBER 20, 2024

If you are the buyer, this means you inherit the loan’s principal balance, interest rate, and repayment terms. When you assume a mortgage, you do not apply for a new loan rather take over the existing owner’s loan. FHA loans often allow for assumptions if both the seller and buyer meet the necessary requirements.

Purchase and sale agreement

HomeLight

AUGUST 16, 2021

Second mortgages : These are loans you can take out to subsidize the down payment in addition to taking out a principal mortgage. This loan backed by the Federal Housing Administration is ideal for those with low savings or a just-OK credit score. You can qualify for loans with as little as 3.5%

Loans

HomeLight

JULY 7, 2022

If you can’t afford a 20% down payment on your home and apply for a conventional loan, you’ll have to have private mortgage insurance (PMI) to cover the costs, or just plain mortgage insurance for a government loan (FHA loans or VA loans , for example). PMI will typically cost between 0.5%

Debt-to-income ratio

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

Redfin

NOVEMBER 18, 2020

A mortgage loan has 3 components: Principal : The principle is the difference between the home’s final purchase price and the amount of your down payment. For example, if you provide $20,000 as a downpayment for the home you plan to buy for $200,000, your principal loan amount would be $180,000. . military.

Mortgages

Redfin

SEPTEMBER 6, 2024

This percentage covers the principal, interest, property taxes, and homeowners insurance. Additionally, the rule suggests that your total debt payments, including your mortgage, credit cards, and other loans, should not exceed 36% of your gross income. Loan type and terms Different types of loans have varying requirements and terms.

Debt-to-income ratio

Marco Santarelli

FEBRUARY 24, 2025

Here's a snapshot of today's mortgage rates by Zillow , giving you a clear view of where things stand: Mortgage Type Current Rate 30-Year Fixed 6.50% 20-Year Fixed 6.25% 15-Year Fixed 5.83% 5/1 ARM 6.50% 7/1 ARM 6.45% 30-Year VA 5.98% 15-Year VA 5.48% 5/1 VA 6.06% What's the takeaway? Refinancing: Is It Time To Make a Move?

Mortgages

Redfin

AUGUST 12, 2024

As a borrower, you’re entering a legal contract to repay your loan, with interest, over a set amount of time. Your monthly mortgage payment generally consists of four components: Principal : The amount of money you borrow to buy the home. Interest : The cost of borrowing the money, calculated as a percentage of the principal.

Loans

HomeLight

JANUARY 31, 2022

If you need to have a smaller down payment, see if you meet the criteria for any of the following loan programs: FHA loans can be approved with just 3.5% Conventional loans can be approved with as little as 3% as a down payment. Paying off the same $100,000 loan over 15 years would mean a $555.56 as a down payment.

Loans

HomeLight

DECEMBER 30, 2021

The advantages of putting more money down include a smaller loan principal , a potentially lower interest rate , and a better chance of avoiding mortgage insurance (MI). Mortgage insurance is generally required on conventional loans on which your down payment is less than 20% — and it’s always required on FHA loans.

VA loan

HomeLight

MAY 27, 2021

FHA loans are backed by the Department of Housing and Urban Development and accept credit scores as low as 500. However, you’ll have to pay for mortgage insurance for at least 11 years, depending on your down payment size — most FHA loans require mortgage insurance for the entire life of the loan.

Loans

HomeLight

JANUARY 27, 2021

Your mortgage payment is more than just the cost of the principal and interest on your loan. to 1% of the loan amount annually. Make sure you budget for the entirety of your monthly mortgage payment, not just your principal and interest! Know your loan types. Conventional loan. This can spell trouble.

Closing costs