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FHA Loan Down Payments

FHA Loan Down Payments

The minimum FHA loan down payment is 3.5% if your credit score is at least 580. You have to put at least 10% down if your credit score is 500 to 579. It's a big pothole on the road to homeownership: the...

A USDA Home Loan Program

A USDA Home Loan Program

A USDA Home Loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program A USDA Home Loan from the USDA loan program, also known as the USDA Rural Development...

How to Save a Down Payment for a House

How to Save a Down Payment for a House

Before you start saving, it’s important to know exactly how much you need. So what’s a good down payment?  Ask yourself these three questions as you determine your down payment savings goal: 1. How much...

Understanding the VA Funding Fee

Understanding the VA Funding Fee

Fannie Mae and Freddie Mac to refinance, even if they don’t have any equity in their homes or strong credit One of the first options military members consider for a home purchase is their right to...

What is Debt-to-income-ratio (DTI)

What is Debt-to-income-ratio (DTI)

To qualify, borrowers must be up-to-date on their mortgage, have a loan owned and serviced by one of the five Debt-to-Income (DTI) identifies the percentage of your gross monthly income (the amount you...

Down Payment and Credit Scores

Down Payment and Credit Scores

Down Payment for a home.  Credit scores to purchase a home. Down payment   This is the amount you pay upfront toward your home purchase. Typically, the recommended amount is 20% of your purchase...

What Is a Conventional Loan and How Does It Work?

What Is a Conventional Loan and How Does It Work?

Commit to putting at least 10% down. A down payment of 20% is even better because you can avoid PMI!  A conventional loan is a type of mortgage loan that is not insured or guaranteed by the government....