Home & Gifts Q&A

What Are The Criteria For A Home Loan?

by @ 5:22 am on November 11, 2020. Filed under Q&A

These are the current minimum requirements for an FHA-approved mortgage:

  • Down payment: There’s a minimum 3.5% down payment with a credit score of at least 580.
  • Debt-to-income ratio: The Department of Housing and Urban Development…
  • Residence: The home must be your primary residence for at least the first year.
  • Employment: You must have steady income and…

  • How does a 100 percent home equity loan works?

    How a 100 Percent Home Equity Loan Works A home equity loan is essentially a second mortgage on your house that is backed by the value of your property. A 100 percent home equity loan is one that, combined with your other home loans, exhausts the value of your property so that it is completely financed.

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