Mortgage and Real Estate Articles from Mortgage Research Center
WEBSep 28, 2024 · Many first-time buyers hesitate to get pre-approved because it could hurt their credit. But now it's possible to get pre-approved without a hard credit inquiry. by Tim Lucas in Credit. April 4, 2024 4 MIN. Mortgage Research Center features mortgage news and advice for homebuyers from a team of experts in …
A Complete Guide to FHA Refinances: Eligibility, Requirements, …
WEBAug 23, 2024 · Conventional Refinances. Conventional loans are not insured by a government agency and, as such, have slightly higher requirements than FHA refis. You can expect to need a minimum credit score of 620 and a maximum debt-to-income ratio of 45%. You'll also need at least 5% equity in most cases.
Mortgage Rates Today, Oct. 4, 2024: Jobs Report Likely Bad for …
WEB13 hours ago · October 4, 2024, 8:30 AM UTC 3 MIN. The average 30-year fixed rate mortgage was 6.28% yesterday, an increase of 0.06% since the day before. The 15-year fixed mortgage rate stood at 5.24%, up by 0.01%. The 30-year FHA mortgage averaged 5.59% yesterday, having risen by 0.06. Meanwhile, the 30-year jumbo mortgage rate was 6.61%, reflecting no change.
USDA Renovation Loans | USDA Rehab & Home Improvement
WEB6 hours ago · The USDA offers a limited renovation loan for non-structural repairs up to $35,000, and a standard renovation loan for structural changes and more costly improvements. Only single-family primary residences in agency-approved rural areas are eligible for a USDA rehab loan. USDA loans require no down payment – even for home improvement mortgages.
FHA Loan Closing Costs: How Much, Who Pays & What to Expect
WEB2 days ago · There are costs associated with all mortgages, with FHA loan closing costs generally running between 3% and 6% of the total amount financed. The biggest difference between FHA closing costs and other loan types is the 1.75% upfront mortgage insurance premium. Other closing costs can vary by the size of …
Fannie Mae Rolls Out 5% Down Multifamily Home Loans
WEBJuly 1, 2024, 3:15 PM UTC5 MIN. It's official: Fannie Mae now allows 5% down payments for owner-occupied 2-, 3-, and 4-unit (multifamily) homes. This is a surprising reversal of the years-long policy of requiring 15-25% down for duplexes, triplexes, and four-plexes. It will be a major benefit to those looking to purchase a multifamily home to ...
Mortgage Rates Today, Oct. 1, 2024: Rates Continue Modestly …
WEB3 days ago · by Peter Warden in Rates. October 1, 2024, 8:30 AM UTC 4 MIN. The average 30-year fixed rate mortgage was 6.15% yesterday, unchanged since the day before. The 15-year fixed mortgage rate stood at 5.13%, down by 0.01%. The 30-year FHA mortgage averaged 5.47% yesterday, having dropped by 0.08.
What Is a Mortgage and What Can It Do for You? - Mortgage …
WEBJun 17, 2024 · Mortgages are secured by the underlying piece of real estate. If a borrower fails to make their payments, the lender can take legal action to gain ownership of the property. They can then sell it to recoup their losses. Without a mortgage, buying a home would require you to save up the entire purchase price.
Rates Articles - Mortgage Research Center
WEBSep 26, 2024 · Buying a $350k Home Just Got $300 Per Month Cheaper. Falling mortgage rates have equated to an estimated $300-per-month drop in the mortgage payment on a $350,000 home. by Tim Lucas. August 31, 2024 1 MIN. All Rates Articles.
Home Loans Articles | Mortgage Research Center
WEBSep 26, 2024 · FHA is already a lenient program, requiring just 3.5% down. But FHA also allows buyers to use a wide variety of down payment assistance programs to make it even more feasible to buy a home. by Jonathan Davis. August 22, 2024 11 MIN.