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Rachel Cruze is a national best-selling author, financial expert, and host of The Rachel Cruze Show. Since 2010, Rachel has served at Ramsey Solutions, where she teaches people to avoid debt, save money, budget, and how to win with money at any stage in l
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Homeownership: Why it matters
Learn about the history and significance of homeownership in the United States — and gain an understanding of why knowledge is power during the entire homebuying process.
Are you ready for homeownership?
The process of buying a home begins well before you go to your first open house. Get started here by examining your personal readiness for homeownership.
How much can you afford?
So you're ready to buy a house! The next step is learning about the true costs and de-mystifying the financial process so you can figure out just how much house you can afford.
The mortgage
Qualifying for and signing a mortgage loan is a daunting process; this advice from a home lending advisor can help ensure a happy outcome.
Signing with an agent
Your real estate agent is the key player on your homebuying team. Here, Nadeska brings in an experienced agent to discuss how to assemble an all-around winning team.
Finding your dream home
Drew and Jonathan Scott offer expert advice on how to know when you find your dream home.
EP 7: Making the offer!
You've found the perfect house — now how do you make an offer that will seal the deal? Nadeska sits down with an expert to gather tips navigating the market.
How much does a down payment cost when buying a home?
Ivan first explained that it’s important to realize there are two main costs when you buy a new home: the down payment, which can range from 0% to 20% of the sale price, and the closing costs associated with your home loan.
What is the down payment on a FHA loan?
The down payment on an FHA loan can be as low as 3.5% with a credit score of just 580. In fact, you might qualify for this loan with a credit score as low as 500. However, a lower FICO score requires a higher down payment. Borrowers need at least 10% down if their score is between 500 and 580.
Does down payment assistance have to be paid back?
Because these tend to be grants or forgivable loans, the money often doesn’t have to be paid back. Ivan explained that the specific programs vary by state.
Do you have to pay closing costs on a zero down mortgage?
Even if you qualify for a zero down mortgage loan, you’ll need to cover the closing costs. Some buyers manage to get the seller to pay their closing costs (though this works much better in a buyers’ market than a sellers’ market, which is what we’re currently in). And some qualify for closing cost assistance.
