Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more
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In addition to mortgage loans for home purchases, there are also other loans available for various purposes that use the home for collateral.
Mortgage interest rates are determined by credit history strength, the number of points you pay, the size of your down payment and the type of loan program you choose.
Obtaining funding is crucial to buying a home. This requires applying for a mortgage, choosing a house that meets the appraisal standards, and determining the amount of the down payment.
There are dozens of different types of mortgage loan programs. They have been created to suit the varying needs of homebuyers.
When making a big move, it's essential to find out as much as possible about the schools, the neighborhoods, the housing costs and the community resources.
FHA (Federal Housing Administration) loans are very flexible, and you may qualify for an FHA loan with bad credit. more
In order to qualify for a low down payment loan, you typically must have a good credit history, sufficient income for the monthly mortgage payments, and enough money for closing costs, among other things. more
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Sales of existing U.S. homes declined in October, stymied by a lack of affordable inventory as well as consumer concern about the economy, according to the National Association of Realtors. On the bright side, mortgage rates remained low and distressed sales made up the lowest share over seven years. Total existing-home sales fell 3.4 percent to a seasonally adjusted rate of 5.36 million in October, down 5.55 million in September. Compared with one year ago, sales are up however, with a 3.9 percent gain from 5.16 million in October 2014. The number of homes for sale dropped 2.3 percent from September to 2.14 million existing properties, and even fell 4.5 percent from the year before. At the current sales pace there is 4.8-month supply of homes. Realtors consider the market balanced between buyers and sellers when there is a 6-month supply. “New and existing-home supply has struggled to improve so far this fall, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets,” said NAR chief economist Lawrence Yun. “Furthermore, the mixed signals of slowing economic growth and volatility in the financial markets slightly tempered demand and contributed to the decreasing pace of sales.” Yun was hopeful for the future though. “As long as solid job creation continues, a gradual easing of credit standards even with moderately higher mortgage rates should support steady demand and sales continuing to rise above a year ago,” he said. During the month, long-term mortgage interest rates fell, keeping mortgage loans affordable for those who could qualify. The average rate on a 30-year fixed rate mortgage fell to 3.80 percent in October from 3.89 percent the month before. The median home price rose to $219,600, up 5.8 percent from the previous year, and the 44th straight month of year-over-year increases. One of the highlights of the sales report was the decline in the share of distressed properties – short sales and foreclosures – fell to its lowest level since the NAR started tracking in October 2008. Distressed sales fell to just 6 percent, down from 9 percent in October 2014, a sign of renewed market health as fewer and fewer homeowners are falling into foreclosure and lenders have worked through a majority of their distressed inventory. more