or they may sell it to Fannie Mae or Freddie Mac. Fannie and Freddie set conventional-loan guidelines, including down payment minimums. The type of home and its intended use affects your down payment amount. For example, a single-family home used as a primary residence will have a lower...
Minimum down payment amounts are required to offset the potential risk to amortgage lender. The theory is that a borrower will be less likely todefaulton a loan when they have contributed a large cash amount to the mortgage. For conventional loans backed by various lending institutions, this a...
An FHA appraisal costs about the same as an appraisal for aconventional mortgage—in the range of a few hundred dollars. The cost can vary depending on the type of property and where it is located. What Is an FHA 203(k) Loan? An FHA 203(k) loan allows borrowers to finance both the ...
This fee is based on the type of loan and calculated as a percentage of the total loan amount. Other factors, such as down payment amount and whether you're using a VA home loan for the first time, may also affect your VA funding fee. Calculate: Use Our Free Mortgage Calculator to Es...