Jonathan Davis

Dec 9, 2024 | mortgageresearch.com | Jonathan Davis |Tim Lucas

Do FHA Loans Have Income Limits? Many homebuyers wonder if they make too much to qualify for an FHA loan. Fortunately, FHA does not have income limits. You could make $1 million per year and still be eligible. This sets FHA apart from other loans like USDA, and from various down payment assistance programs which do have limits. FHA loans do not have minimum income limits, either. You just need to make enough to qualify for the house payment and service all other debts.

Nov 29, 2024 | mortgageresearch.com | Tim Lucas |Jonathan Davis

Homebuyers often share a similar preconception about conventional loans: they’re tough to qualify for if you don’t have perfect credit and a large down payment. But meeting conventional loan requirements is likely more straightforward than you think. In fact, most residential mortgages are issued by conventional lenders. This article will cover everything you need to know about how to qualify for a conventional loan, including the necessary credit score, down payment, and other lender minimums.

Nov 25, 2024 | mortgageresearch.com | Tim Lucas |Jonathan Davis

USDA loans offer a variety of attractive features, such as zero required down payment and flexible credit eligibility. You may also have heard that USDA loans do not require mortgage insurance payments. While true – there is technically no USDA mortgage insurance requirement – the program does have a couple of other fees that serve a similar purpose. Key TakeawaysUSDA loans do not require mortgage insurance, but they do have upfront and annual guarantee fees.

Nov 25, 2024 | mortgageresearch.com | Tim Lucas |Jonathan Davis

A home appraisal is a professional estimate of a property's market value. Nearly all types of residential mortgages require an appraisal. In some cases, current owners may choose to obtain one even if they aren’t planning to sell or refinance their home. A properly licensed professional appraiser must complete appraisals. As such, you can expect to pay an appraisal fee ranging from a few hundred dollars to over $1,000 in some instances. The average home appraisal cost ranges from around $350 to $550.

Nov 19, 2024 | mortgageresearch.com | Jonathan Davis

Homebuyers looking to purchase property outside of larger cities and urban areas may be able to use a United States Department of Agriculture (USDA) home loan program to buy with favorable interest rates and zero money down. However, this doesn't necessarily mean you'll be able to purchase a home with no out-of-pocket expense. You'll still be responsible for covering USDA loan closing costs, which typically run up to 6% of your purchase price.