Average closing costs for the buyer run between about 2% and 6% of the loan amount. That means, on a $300,000 home loan, you would pay from $6,000 to $18,000 in closing costs in addition to the down payment. After you apply for a mortgage, the lender will outline the projected closing costs along with other details in a loan estimate document. You should receive the loan estimate within three business days after applying.

VA and USDA loans: 0% down payment: Guaranteed by the U.S. Department of Veterans Affairs, VA loans usually do not require a down payment. VA loans are for current and veteran military service members and eligible surviving spouses. USDA loans, backed by the U.S. Department of Agriculture's Rural Development program, also have no down payment requirement.

FHA loans and conventional loans each have their own distinct requirements that borrowers need to meet in order to qualify. FHA loans have more flexible standards for things like down payments and credit scores. Rates and mortgage insurance requirements also differ between the two types of loans, as do refinancing requirements.

As rates dropped, more people applied for home loans. Mortgage applications jumped 27.9% week over week, according to the Mortgage Bankers Association's applications survey for the week ending Jan. 13.

Purchase applications increased 25% on a seasonally adjusted basis, and refinance applications rose 34% from the previous week. 

You could add up to 100 points with tips like paying cards more than once a month and fixing credit report errors.

If your credit score is lower than you'd like, there may be fast ways to bring it up. Depending on what's holding it down, you may be able to tack on as many as 100 points relatively quickly.

Home buyers still face tough challenges in today's housing market: steep prices, elevated mortgage rates and a shortage of homes for sale.

But the feverish home-buying competition of the last couple of years has cooled a bit. There are fewer bidding wars, and buyers have more room to negotiate.

Here's how things have changed in recent months and how to navigate the market in the last half of 2022.

Selling your home for a great price. At a minimum, you will need the sale proceeds to pay off your mortgage and cover any closing costs and fees. Then ideally you’d like to make some extra profit to channel towards your upcoming home purchase or whatever else your next phase entails.

If you’re priced at the high end of value, your home is going to be sitting and accruing market time and, especially in a market that’s still moving, you’re going to automatically lose value in your house.

Make an offer before someone else gets your dream home! Found the perfect new home but still need to sell your current one? Do you need to buy quickly and avoid worrying about a contingent sell? Are you moving for work? Moving up can be easier than you think!

The first step is to attend a NACA Homebuyer workshop, if you need a real estate agent to work with, Luis Rios can assist you with your home purchase as your REALTOR®.

Work with your counselor to improve your financial management, document your readiness for homeownership and determine an affordable mortgage payment and become NACA qualified.

The question of pest inspections often arises during the process of selling a house. Is a pest inspection a regular part of an overall home inspection? Who pays — the buyer or seller? If problems are found, who pays for the treatment? Read on for answers to your questions about pest inspections.