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Read MoreWhile specific requirements vary by lender and loan type, a FICO score of 620 is typically the minimum for a conventional loan. For the best interest rates, you’ll generally need a score of 740 or higher. Government-backed loans like FHA may accept scores as low as 580 with a larger down payment.
PMI is insurance that protects the lender if you default on your loan.
It is typically required if your down payment is less than 20% of the home’s purchase price.
The cost varies but usually falls between 0.5% and 1.5% of the loan amount annually, added to your monthly payment.
You can request to cancel PMI once your equity reaches 20%.
You’ll typically need: recent pay stubs (last 30 days), W-2 forms from the past two years, federal tax returns from the past two years, bank and investment account statements (last 2-3 months), proof of any additional income, and a government-issued photo ID.
Eligible properties include:
Your main home (where you live most of the time).
A second home (such as a vacation property).
The home can be a house, condominium, cooperative, mobile home, house trailer, or boat that has sleeping, cooking, and toilet facilities.
An interest-only mortgage is a home loan where, for a set initial period (typically 5-10 years), your monthly payments only cover the interest charged on the borrowed amount. You are not paying down the principal loan balance during this time. At the end of the interest-only term, the loan typically converts to a standard repayment mortgage, and your payments will increase significantly to pay off the capital.
