Mortgage loan modification is a foreclosure-prevention option that permanently changes the terms of your existing mortgage to make payments more affordable. If you’re a homeowner facing a long-term financial hardship—such as job loss, a medical crisis, or divorce—a modification may help you lower your monthly payment and keep your home. Key takeaways A mortgage loan modification changes your current...
If you’re a qualified service member, veteran, or surviving spouse looking to buy a home that needs work—or renovate the home you already own—a VA renovation loan (also called a VA rehab loan) may be an option. This program lets you finance the mortgage and repairs together, rather than applying for a separate construction or personal loan. Whether you’re searching for a home in San Diego, CA or...
If you’re planning to buy a home with an FHA loan, you’ll need to pass an FHA inspection before you can close. An FHA loan is a government-backed mortgage that appeals to first-time homebuyers because it’s easier to qualify for and requires only a small down payment. In 2025, 15% of buyers financing their homes chose an FHA loan. The U.S. Department of Housing and Urban Development (HUD) sets the...
When buying a home or refinancing, one of the biggest decisions you’ll make is choosing between a 15-year and 30-year mortgage. Whether you’re looking at homes for sale in Los Angeles, CA or exploring properties in Austin, TX, the loan term you choose can impact your monthly payments, interest costs, and long-term financial goals. In this Redfin article, we’ll explain how 15-year and 30-year...
If you’ve served in the military (or if your spouse has), you have access to one of the most powerful homebuying tools out...
When buying a home, saving for a large down payment can be one of the biggest hurdles. That’s where an FHA loan can make a difference. Backed by the Federal Housing Administration (FHA), this type of mortgage helps first-time and moderate-income buyers qualify for homeownership with flexible credit requirements and a lower down payment. In this Redfin article, we’ll explain what an FHA loan is, how it...
Buying a home with a VA loan comes with a few extra steps designed to protect veterans and active-duty service members, and the property inspection process is one that’s often misunderstood. A lot of buyers assume the Department of Veterans Affairs sends an inspector to go through the entirety of the home before closing. In reality, that’s not quite how it works. The VA doesn’t require a full...
For many veterans and active-duty service members, VA loans are one of the most valuable benefits of military service. Backed by the U.S. Department of Veterans Affairs, these loans make homeownership more attainable through lower upfront costs, no private mortgage insurance, and flexible credit requirements. With Veterans Day right around the corner, it’s a good time to highlight this powerful program...
With Veterans Day right around the corner, it’s the perfect time to highlight one of the lesser-known benefits of VA loans: assumability. VA loans are designed to make homeownership more affordable for those who’ve served, offering favorable terms and flexible qualification requirements. But many don’t realize that these loans can also be assumed, meaning a new buyer can take over the existing...
VA loans are one of the most valuable benefits available to eligible service members, veterans, and qualifying surviving spouses. Backed by the U.S. Department of Veterans Affairs, these loans make homeownership more accessible by offering favorable terms like no down payment and no private mortgage insurance (PMI). With Veterans Day right around the corner, it’s the perfect time to highlight the power...
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