Blake Mortgage: Your Trusted Partner for Home Loans (2024)

FAQs

Which mortgage allows a person to buy a home with no money down? ›

The two main types of loans that don't usually require a down payment are VA loans and USDA loans.

An FHA 203(b) loan is a normal FHA loan, meaning it's accessible to borrowers with a low income and a challenging credit history. FHA loans often require a down payment as low as 3.5% of the purchase price, making this loan type even more accessible to borrowers.

Yes, it's possible to get a single person mortgage, even if you have bad credit. It'll be trickier than if you had a perfect credit score, but it's not impossible. Lenders will want to know what caused your bad credit, how long ago it happened, and what you've been doing since to improve your credit.

You'll usually need a credit score of at least 640 for the zero-down USDA loan program. VA loans with no money down usually require a minimum credit score of 580 to 620. Low-down-payment mortgages, including conforming loans and FHA loans, also require FICO scores of 580 to 620.

What is the easiest type of mortgage to get? Government-backed loan options, such as FHA, USDA and VA loans, are typically the easiest type of mortgage to get because they may have lower down payment and credit score requirements compared to conventional mortgage loans.

Standards may differ from lender to lender, but there are four core components — the four C's — that lenders will evaluate in determining whether they will make a loan: capacity, capital, collateral and credit.

While conventional mortgages usually require a credit score of 620 or more, FHA loans are open to borrowers with credit scores as low as 500. You don't need a big down payment. If your credit score is 580 or more, you could qualify to put down just 3.5%. Interest rates are competitive.

Credit score: You'll need a credit score of at least 500 to qualify for an FHA 203(k) loan, though some lenders may have a higher minimum. Down payment: The minimum down payment for a 203(k) loan is 3.5% if your credit score is 580 or higher. You'll have to put down 10% if your credit score is from 500 to 579.

At the same time, loan rates increase steadily with age, peaking for new borrowers over the age of 60 and 70. The difference of interest rates is less pronounced, as lenders charge older applicants modestly higher interest rates while they reject older applicants much more often, but both trends are still very real.

Is it easier to get a mortgage if you already own a house? ›

Given you have enough income or low enough debt, yes it is easy. If you have high debt relative to your income it can become more difficult to qualify for a second mortgage.

How much can I negotiate on a new house? In a buyer's market, it can be acceptable to offer up to 20% under a seller's asking price, assuming the home in question requires hefty repairs. Otherwise, you're better off negotiating 1% – 10% below the asking price.

Negotiate mortgage rate and fees with desired lender. When you've found the lender with a good rate and with whom you feel most comfortable doing business, you may ask for their lowest or best rate for your loan. Check out these tips for how to save money for a house.

The cost to refinance a mortgage is usually around 2% to 6% of the loan amount. That's about the same as closing costs for a home purchase. The big difference is that a down payment isn't necessary when you refinance because borrowers already have equity in their home.

Two types of government-sponsored loans – VA loans and USDA loans – allow you to buy a home without a down payment.

The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher 30 year fixed interest rate than our standard FHA program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs. The CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage.

Which lenders are offering more lenient terms? Bluestone Mortgages is a prominent specialist mortgage lender with a focus on offering mortgages to those who may not meet the criteria of high street banks and building societies.