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A mortgage loan is a type of loan used to purchase a home, where the property serves as collateral for the loan.
Common types include conventional loans, FHA loans, VA loans, USDA loans, and jumbo loans.
It varies by loan type. Conventional loans typically require 620+, FHA loans may allow 580+, and VA/USDA loans have flexible requirements.
DPA programs help homebuyers cover the cost of a down payment and sometimes closing costs. They are typically offered by government agencies, nonprofits, and lenders. Eligibility varies by program but often considers income level, credit score, first-time homebuyer status, and location of the home.
It depends on the loan. Conventional loans often require 3-20%, FHA loans 3.5%, VA and USDA loans may require 0%.
Private Mortgage Insurance (PMI) is required for conventional loans with less than 20% down. It protects the lender in case of default.
You’ll need to provide income, asset, and credit information to a lender, who will assess your ability to borrow.
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Yes, as long as your debt-to-income (DTI) ratio is within lender guidelines. Managing monthly payments and credit is key.
Typically 15-30 days, depending on documentation, underwriting, and property appraisal.
A fixed-rate mortgage has the same interest rate for the loan term, while an ARM has an initial fixed period, then adjusts periodically based on market rates.
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