Redfin

JUNE 27, 2025

Not getting pre-approved for a home loan before starting your search A common mistake for first-time homebuyers is jumping into the search without first getting pre-approved for a mortgage. Options like FHA loans , VA loans , and USDA loans offer low down payments and more lenient credit guidelines.

Pre-approval

Marco Santarelli

MARCH 27, 2025

Here's a quick overview: Credit Score Range Rating Impact on Mortgage Rates 700+ Excellent Lowest Rates 680-699 Good Competitive Rates 620-679 Fair Higher Rates Below 620 Poor/Risky Highest Rates, Difficulty Getting Approved It's worth noting that different types of loans have different minimum credit score requirements.

Mortgages

The Mortgage Report

JULY 1, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford? But not everyone can afford to put 20% down.

Loans

The Mortgage Report

JUNE 17, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford?

FHA 203k rehab loan

The Mortgage Report

JULY 24, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford?

FHA 203k rehab loan

The Mortgage Report

JULY 11, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford? In May, active listings rose 31.5%

FHA 203k rehab loan

The Mortgage Report

JUNE 9, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford? Yes, prices rose about 3.4%

FHA 203k rehab loan

The Mortgage Report

JULY 2, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford?

FHA 203k rehab loan

The Mortgage Report

JULY 14, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? This is essentially starting from scratch in terms of mortgage approval.

FHA 203k rehab loan

The Mortgage Report

JUNE 24, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford?

FHA 203k rehab loan

The Mortgage Report

JUNE 13, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? That’s where FHA loans come in. How Much Home Can I Afford?

FHA loan

Marco Santarelli

DECEMBER 22, 2024

Choosing the Right Lender When looking for a mortgage lender, its advisable to apply for pre-approval with multiple companies. While it might be tempting to wait for rates to drop significantly, focusing on improving your financial position tends to be the more effective strategy for obtaining a favorable rate.

Mortgages

The Mortgage Report

JULY 8, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? Approval is similar to a home equity loan , though.

Equity

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

The Mortgage Report

JULY 21, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? Keep in mind that lenders don’t have to approve a release.

FHA 203k rehab loan

Redfin

JULY 2, 2025

Probationary period If your new job has a probationary or trial period, lenders may wait until it’s over before approving your mortgage. Some may approve with conditions or ask for additional income documentation. Avoid major financial changes (like buying a car or racking up debt) during the approval process.

Pre-approval

The Mortgage Report

JULY 15, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? Your interest rate and loan balance don’t change.

FHA 203k rehab loan

Rochester Real Estate

NOVEMBER 5, 2015

For example, if you use a bank for your loan you may already have a pre-existing relationship with them and they sometimes offer very competitive interest rates. Have you tried calling a bank on a Saturday night to get a pre-approval letter? The waiting period will vary based on the type of loan and the lender.

Finance

The Mortgage Report

JULY 7, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford?

Equity

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

Redfin

JULY 31, 2025

Even if you can afford the payments, adding new debt may reduce your loan approval or lead to higher interest rates. >>Discover: How to Get Pre-Approved for a Mortgage: 7 Steps for Success 7. FHA Loan: Require only 3.5% They do include mortgage insurance for the entire loan term.

VA loan

Redfin

MARCH 4, 2025

If the auction accepts financing, make sure you have a pre-approval ready. Government-owned properties Some mortgages are government-backed, like VA loans and FHA loans. If a buyer with a government-backed loan goes into foreclosure, the government will take control of the property.

Pre-approval

The Mortgage Report

JUNE 16, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford?

FHA 203k rehab loan

The Mortgage Report

JULY 10, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford?

Equity

The Mortgage Report

JULY 22, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford?

FHA 203k rehab loan

Redfin

MARCH 26, 2025

Even if youve been pre-approved , things like a low appraisal, a job loss, or changes in your credit can derail the loan process. If youre self-employed, just changed jobs, or have inconsistent income, lenders may take longer to approve your loanor deny it altogether. Youre using a government-backed loan.

Finance

The Mortgage Report

JUNE 23, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford?

FHA 203k rehab loan

The Mortgage Report

AUGUST 1, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford?

The Mortgage Report

JULY 28, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford?

FHA 203k rehab loan

Marco Santarelli

MARCH 16, 2025

For those who qualify for a VA loan , which is a fantastic benefit for veterans, active-duty military, and eligible surviving spouses, the rates are generally a bit lower. The 30-year VA is at 6.15% , and the 15-year VA is even lower at 5.59%.

Mortgages

Marco Santarelli

JUNE 30, 2025

Notice how Government loans such as FHA and VA loans still have a high demand – this is mostly due to their low down payment options making them accessible to many first-time home buyers giving a leg up to entering the housing market. Check your credit report for errors and take steps to improve your score if necessary.

Mortgages

Marco Santarelli

JULY 1, 2025

Even a small difference in interest rates can save you thousands of dollars over the life of the loan. Get Pre-Approved: Getting pre-approved for a mortgage gives you a clear understanding of how much you can borrow and strengthens your offer when buying a home.

Fixed-rate mortgage

The Mortgage Report

AUGUST 1, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford?

Redfin

APRIL 11, 2025

Getting pre-approved for a mortgage will help you understand what you can afford. From there, you can consider different loan options for buying your first home, like: Conventional loans : May require a larger down payment but could have lower long-term costs for buyers with good credit.

Marketing

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

MARCH 20, 2025

VA Loans – A Benefit for Veterans: Backed by the Department of Veterans Affairs, VA loans offer significant advantages to eligible veterans, active-duty service members, and surviving spouses. These loans often come with no down payment requirements and competitive interest rates.

Mortgages

Redfin

JULY 31, 2025

If you’re unsure where to start, check with HUD-approved counseling agencies, non-profit organizations, and local housing authorities to find available courses. These require a higher credit score and must fall within conforming loan limits. FHA Loan: Designed for buyers with lower credit scores. These require just 3.5%

Purchase and sale agreement