HomeLight

SEPTEMBER 1, 2022

With tips on everything from how to save for your down payment, specific loan programs for buyers, and what you should look for in an agent, we’ve got you covered. Typically, the higher your credit score, the lower your interest rate will be, which saves you money over the life of the loan. Steps to buying a home in Connecticut.

Earnest money deposit

HomeLight

SEPTEMBER 1, 2022

Typically, the higher your credit score, the lower your interest rate will be, which saves you money over the life of the loan. Different loan programs will require different down payment amounts, but you do not always need to put 20% down when buying a home. There are two types of conventional loans — conforming and non-conforming.

Earnest money deposit

HomeLight

MARCH 6, 2023

With tips on everything from how to save for your down payment, specific loan programs for buyers, and what you should look for in an agent, we’ve got you covered. Typically, the higher your credit score, the lower your interest rate will be, which saves you money over the life of the loan. Loans are between 3%-3.5%

Earnest money deposit

HomeLight

DECEMBER 29, 2021

Whenever a buyer is financing the purchase of a home or refinancing a mortgage , an appraisal of the property is required in order to assure the lender that the value of the property matches the amount of the loan, according to the Appraisal Institute , the nation’s largest professional association of real estate appraisers.

Purchase and sale agreement

HomeLight

JULY 31, 2022

While an appraisal is not in the same category as the more in-depth home inspection, different mortgage types (such as conventional loans or government-backed FHA , USDA, or VA loans ) have different minimum property standards. How does a buyer’s loan type affect minimum property standards?

Closing

HomeLight

OCTOBER 29, 2021

The average time to close a loan was 48 days in July 2021 , according to ICE Mortgage Technology, a company that produces mortgage management technology. Conventional loans closed in an average of 47 days in July 2021, while FHA loans took 51 days, and VA loans required an average of 52 to close.

Closing

The Close

AUGUST 6, 2024

Notably, falling below MPR standards could be a deal breaker for some homebuyer programs, such as a Federal Housing Authority (FHA) loan or VA loan. I agreed to sell “as is” at that price, reminding the buyers of their inspection contingency if they wished to back out if they didn’t like my as-is terms.

As-is

HomeLight

JANUARY 6, 2021

What is a home inspection? When you make an offer on a home, your agent will probably advise you to include an inspection contingency. The cost for a home inspection for a condominium can be less, sometimes just $200, if it’s a smaller unit. Waiving the home inspection contingency could sweeten your offer.

Inspection

Redfin

AUGUST 29, 2024

Your credit score is important as it influences whether you qualify for a loan, the type of loan, and what interest rate you’ll receive. Generally speaking, a credit score of 620 is the minimum credit score for a conventional loan, although some lenders look for a score of 700 for new homebuyers. VA loan: Backed by the U.S.

Earnest money deposit

HomeLight

OCTOBER 29, 2021

Well, you’ll need a down payment — which, depending on the loan program you go with, could be as low as 3% (or even 0% with certain government-backed programs). Then you’ll have to pay closing costs, including appraisal and inspection costs (and don’t expect the seller to chip in — more on that later!). USDA loans.

Inspection

HomeLight

DECEMBER 29, 2023

If a buyer requests further deductions to the price based on their inspection, you may be able to point to how the estimated cost of certain repairs was already baked into the list price. I’ll give an inspection contingency, that’s it. For an as-is, the sale can be a win-win situation for the seller.

As-is

HomeLight

JUNE 30, 2022

When shopping for lenders, compare first-time home buyer programs , lender requirements, interest rates, and loan terms to make sure you are getting a good deal. Pay attention to the Loan Estimate and Closing Disclosure. You will receive a Loan Estimate within three business days of applying for a loan.

Purchase and sale agreement

Windemere Buying

OCTOBER 18, 2021

Taking on new credit Opening new lines of credit at any point in the home buying process will slow things down and can affect your chances of getting a home loan. Adding another credit card to your collection or taking out a loan will change your credit score, causing a ripple effect that can bring the buying process to a halt.

Pre-approval

Redfin

FEBRUARY 10, 2021

Before applying for a loan and certainly before ever making an offer on a house, you should know your credit score. Well, it’s not only the difference between getting a low-interest rate on a home loan versus a high one, but it will also directly impact how much a bank or lender will loan you. Check Your Credit Score.

Debt-to-income ratio

HomeLight

AUGUST 24, 2022

Be aware of minimum property standards for certain loans. When you place your home on the market, it’s hard to predict if your top offer will come from a cash buyer or a buyer pre-qualified for a home loan. He familiarizes himself with the house before listing it so he can accurately answer those questions.

As-is

HomeLight

MARCH 13, 2023

Joseph has encountered active military who recently purchased homes with a VA loan, but got orders to ship out only to find that their home hadn’t appreciated much in a short time. With a cash home buyer, there are usually no financing or inspection contingencies typically found in traditional real estate contracts.

Sales

HomeLight

AUGUST 9, 2022

We’ll get into loan specifics later, but to give you some actual numbers to make sense of everything for the moment, consider this: While 20% has long been touted as the so-called ideal amount , it takes significant savings to afford putting this much down payment on a home — and it’s certainly not the norm for first-time buyers. Escrow fee.

Earnest money deposit

HomeLight

MAY 28, 2021

An inspection can tell you upfront the exact issues with the house so you know what money you might have to spend down the line. It’s also wise to add an inspection contingency in your purchase contract , so if the inspection shows more repairs than you expected, you can walk away. USDA loans. Conventional loans.

As-is

HomeLight

AUGUST 12, 2022

Often, that means advocating for the removal of inspection contingencies. “In Be aware of minimum property standards for certain loans. When you place your home on the market, it’s hard to predict if your top offer will come from a cash buyer or a buyer pre-qualified for a home loan.

As-is