SoFi

Lenders who provide VA home loans often offer better terms than a borrower might get with a conventional mortgage. Private mortgage insurance (PMI) isn’t required, interest rates may be lower than with other types of mortgages, and most VA-backed loans (90%) are made with no down payment.

Still, when you’re shopping for any type of mortgage, it can be helpful to have a good idea of where you stand and what your monthly payments might be. And that’s why a VA loan calculator table can be instrumental. By plugging in a few key numbers, you can feel better informed, whether you’re planning to buy a home or considering refinancing your current mortgage.

Why Use a VA Home Loan Mortgage Calculator Table?

If you’re a veteran, service member, or eligible survivor interested in learning about a VA loan — which is one of the different types of mortgage loans available — a VA home loan calculator can help you estimate what your monthly payments might be based on data you provide.

You can see how a 15-year mortgage might differ from a 30-year mortgage, for example, or what different interest rates might mean for your monthly payments. You also can get an idea of how much you might pay in interest over the life of your VA home loan.


💡 Quick Tip: Buying a home shouldn’t be aggravating. SoFi’s online mortgage application is quick and simple, with dedicated Mortgage Loan Officers to guide you throughout the process.

How to Calculate Your VA Home Mortgage Loan Payment

To calculate your monthly VA mortgage payment with a VA loan calculator table, you’ll need to gather up a few key pieces of information, including:

Home Purchase Price

This can be the actual cost of a home you hope to buy, or what you’ve budgeted for your home purchase.

Down Payment Amount

For most eligible veterans and service members, this amount will be $0.

Loan Term

This is the expected length of your loan, usually 15 or 30 years.

Interest Rate

You won’t know your exact interest rate until you lock it in with your lender, so this will be an estimate. Lenders base their rates on current market rates, a borrower’s credit profile, and other factors.)

Property Tax Rate

If you have a particular home in mind to purchase, the tax rate may appear on the listing. You also can look for property tax rates on county websites.

The formula used to calculate a mortgage payment can be complicated, so it may be easier to use a VA home loan calculator to check how changing various numbers might affect your loan. Our VA Loan Mortgage Calculator Table, with averages used below in various fields, also can help you see what your payments might look like.

2024 VA Home Loan Mortgage Calculator Table
Purchase Price	$210,000	$375,000	$675,000
Down Payment	$0	$0	$0
Avg. Property Tax Rate*	1.45% (St. Louis)	1.15% (Tampa)	.82% (Los Angeles)
PMI:	$0	$0	$0
Interest Rate	9%	7%	5%
Loan Term	15-year/30-year	15-year/30-year	15-year/30-year
Estimated Payment	$2,384/$1,943	$3,730/$2,854	$5,799/$4,085
Principal & Interest Monthly	$2,130/$1,690	$3,370/$2,495	$5,338/$3,624
Taxes Monthly	$254	$359	$461
Total Interest Paid	$173,393/$398,290	$231,709/$523,162	$285,814/$629,475

*Property tax exemptions and special tax districts may apply

Examples from the VA Home Mortgage Calculator Table

Because VA-backed loans don’t require mortgage insurance, and most don’t require a down payment, the main factors that will influence your monthly mortgage payment are the amount of the loan, the interest rate you pay, and the length of the loan.

As you can see from the VA loan affordability calculator table above, borrowers can get a smaller, more manageable monthly payment if they opt for a longer loan term. But they’ll pay more in interest than they would if they had a shorter term. Using the Tampa home as an example, the estimated monthly payment would be $2,854 with a 30-year term, vs. $3,730 with a 15-year loan. But the total amount of interest paid for the 30-year loan could end up being more than twice as much: $523,162 vs. $231,709.

And, of course, the cost of the home you choose to buy can also be an important factor. As shown in the table, even with a much higher interest rate, both the monthly payment and total interest paid for the home in St. Louis would be lower than for the home in Los Angeles — simply because the cost of living in California is high and the St. Louis home is less expensive.

It can be helpful to check the cost of living by state if you’re deliberating between two different locations for your next home.


💡 Quick Tip: Active duty service members who have served for at least 90 consecutive days are eligible for a VA loan. But so are many veterans, surviving spouses, and National Guard and Reserves members. It’s worth exploring with an online VA loan application because the low interest rates and other advantages of this loan can’t be beat.†

Other Costs to Consider

Most VA loan mortgage calculators stick to the basics, but there are other costs you may want to consider when you’re trying to determine the monthly loan payment you can afford, including:

VA Funding Fee

Though borrowers don’t pay mortgage insurance on a VA loan, most will pay a one-time funding fee. (Some borrowers are exempt.) The fee, which can be paid upfront or rolled into the loan, is a percentage of the loan, and is based on the type of loan and other factors.

Homeowners Insurance

Homeowners insurance can help protect your home and property in case of expensive damage and other potential costs. Your lender will likely require that you buy homeowners insurance before you close on your home purchase.

HOA Fees

If the home you purchase is part of a homeowner’s association (HOA), you may have to pay a monthly or annual fee. The HOA may use this money to cover maintenance costs and amenities.

VA Home Loan Limits

Typically, the VA guarantees that it will repay the lender up to 25% of your loan amount if you should fail to make your payments. But if you’re still paying off another VA loan, your VA guarantee may be limited, and the lender may ask you for a down payment to make up the difference. Your lender can help you determine how VA home loan limits might affect your new loan.

Recommended: 2024 Home Loan Help Center

Reasons to Calculate Your VA Home Mortgage Loan First

You may want to calculate the monthly payment and interest costs for your VA loan first, then compare those numbers to other types of loans – especially if you’re a first-time buyer who’s struggling to come up with a down payment. Your VA loan may come with a lower interest rate, and you won’t have to pay private mortgage insurance, which can keep your payments lower. Your lender also may accept a lower credit score if you’re applying for a VA loan vs. a conventional loan.

Still, it can be a good idea to compare all the different types of mortgage loans for which you might be eligible. If you can afford to make a 20% down payment on a conventional loan, for example, you can avoid the VA funding fee, and you’ll have some equity in your home right away. It doesn’t hurt to keep your options open, whether you’re buying a home or refinancing your mortgage.

Tips on How to Save on Your VA Home Mortgage Loan

To get the best VA loan payment, these are a few strategies that could help you save money.

Work on Your Credit

There isn’t a required minimum credit score for VA loans. Instead, the VA asks approved lenders to review the borrower’s “entire loan profile,” which could include your credit history, debt-to-income (DTI) ratio, employment history, and assets.

Individual lenders also may have their own approval criteria you should be aware of when you’re ready to apply for a loan. The more you can do to improve your financial health, the better the chances that you’ll get the loan terms you want.

Consider Making a Down Payment

Most borrowers don’t have to make a down payment on their VA home loan, but that doesn’t mean you can’t. Putting a down payment on your loan could show the lender that you’re a serious buyer, which may help you get a lower interest rate or reduce the VA funding fee on your loan.

Roll Your VA Funding Fee into Your Loan

If you’re a first-time homebuyer or low on cash for closing, the VA’s one-time funding fee may seem like a daunting amount. But you don’t have to pay the entire fee upfront. You can ask your lender to include that amount in your loan, and it will be added to your monthly payments. Your payments will be a bit more, but it may make the difference in being able to buy a home of your own.

Recommended: Tips to Qualify for a Mortgage

The Takeaway

Because VA home loans have some different requirements and benefits than other mortgages, it can be helpful to get an idea of what those differences might mean for your monthly payment and overall loan by using a VA loan calculator table.

If you’re preparing to buy or refinance a home, a VA mortgage loan calculator table can give you a useful estimate of what your new loan might look like, depending on your loan amount, length, interest rate and other factors.

SoFi offers VA loans with competitive interest rates, no private mortgage insurance, and down payments as low as 0%. Eligible service members, veterans, and survivors may use the benefit multiple times.

Our Mortgage Loan Officers are ready to guide you through the process step by step.

FAQ

Will VA home loan limits increase in 2023?

Yes, VA home loan limits increased significantly in 2023. The baseline limit for VA loans in 2023 is $726,200, compared to $647,200 in 2022.

How much do I need to make to buy a $300,000 house with a VA loan?

Your income is only one factor that goes into deciding how much you can afford to borrow. Lenders also will look at your debt-to-income (DTI) ratio, which is the amount of your monthly debt payments compared to your monthly gross income. The VA doesn’t have a required DTI ratio for borrowers, but a maximum DTI of 41% is preferred.

What is the VA benefit increase for 2023?

Military retirees and disabled veterans got an 8.7% increase in their monthly checks in 2023, thanks to the annual adjustment to the federal cost of living allowance.

---

Photo credit: iStock/joel-t

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

^†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

SOHL0623001

Read more

It’s not news that FHA (Federal Housing Administration) loans can be a great way for first-time homebuyers to break into the market. They’re government-backed and tend to come with lower costs and less-stringent eligibility requirements.

But like any mortgage, FHA loans do still come with closing costs — expenses due at the time the mortgage is signed — which can add up to a pretty penny. It’s a good idea to know what you’re getting into ahead of time with closing costs to avoid sticker shock, which is exactly why you’re here.

Keep reading to learn such intel as:

•   How to figure out your FHA loan closing costs

•   What is an FHA loan closing cost calculator

•   How to use a calculator table to determine your FHA loan closing costs

•   How to lower your FHA loan closing costs.

Why Use an FHA Loan Closing Costs Calculator Table?

Closing costs for FHA loans (a kind of government loan) are made up of several different expenses, including lender fees, third-party fees, and prepaid items. Each of these categories of expenses is composed of smaller costs.

For example:

•   Lender fees might include an origination fee, underwriting fee, document preparation fee, and other charges.
Third-party fees might include an appraisal fee and real estate attorney fees, just to name a couple.

•   That is a lot of instances of the word “fee.” And that’s before you factor in the mandatory FHA mortgage insurance premium, or MIP — which is basically the FHA version of private mortgage insurance (PMI).

That’s why using an FHA loan closing costs calculator table can be an efficient way to see, at a glance, a ballpark range of what you might expect to plunk down on the closing table. Of course, the best way to know exactly what to expect is to calculate all of your FHA loan closing costs by hand. Or to ask your lender to share the expected or actual fees involved.


💡 Quick Tip: Buying a home shouldn’t be aggravating. SoFi’s online mortgage application is quick and simple, with dedicated Mortgage Loan Officers to guide you throughout the process.

How to Calculate Your FHA Loan Closing Costs

To calculate your specific FHA loan closing costs, you’ll need to add up all the smaller costs — which means ascertaining exactly what they are. Asking your lender is a great way to do this for these government-backed mortgages, whether you’re a first-time homebuyer or beyond. Your lender should even be able to tell you the overall cost without your needing to calculate it yourself.

As a general rule of thumb, closing costs tend to amount to about 3% to 6% of the amount you borrow. In other words, if you were buying a million dollar home and putting down $700,000, your mortgage would be $300,000, and your closing costs would be between $9,000 and $18,000.

If you were buying a home that costs $330,000 and putting down $30,000, your home loan would again be $300,000, and your closing costs would be similar to the range above.

Calculating MIP

Now, here are more details about the MIP portion:

•   With an FHA loan, you can expect to pay 1.75% of the loan amount in MIP upfront.

•   It may be possible to finance your upfront MIP by adding it to your overall loan, but doing so will likely increase the amount you pay in interest over time.

•   In addition, you will pay an ongoing premium as part of your monthly payment that ranges from 0.15% to 0.75% of your home’s outstanding loan balance annually.

Below, you’ll find a chart that shows a range of possible down payments and closing costs on FHA loans.

Recommended: Cost of Living by State

2024 FHA Loan Closing Costs Calculator Table

Here’s a basic guide to approximately how much you can expect to pay in closing costs if you take out an FHA loan in 2024, depending on the cost of your home. (Actual figures may vary, but this serves as an overall FHA loan closing cost calculator.)

Home Price	3.5% Down payment	10% Down payment	MIP due at closing (1.75%) with 3.5% down	MIP due at closing (1.75%) with 10% down	Overall Closing Costs (3% to 6%, including MIP) with 3.5% down	Overall closing costs (3% to 6%, including MIP) with 10% down
$200,000	$7,000	$20,000	$3,377.50	$3,150	$5,790 – $11,580	$5,400 – $10,800
$350,000	$12,250	$35,000	$5,910.63	$5,512.50	$10,125 – $20,250	$9,450 – $18,900
$500,000	$17,500	$50,000	$8,443.75	$7,875	$14,475 – $28,950	$13,500 – $27,000

As you see, when you put more money down, your home loan is smaller, and closing costs can be reduced somewhat.

Recommended: Guide to FHA 203(k) Home Loans

Examples of FHA Loan Closing Cost Calculations

So, how do such seemingly small percentages add up so quickly?

Here are some examples of the types of fees that add up to that 3% to 6% in closing costs. This percentage tends to apply to different kinds of home loans, including FHA ones:

•   Lender fees. Your lender is in business to make money, and may charge various fees associated with the service of originating, writing, and maintaining the loan, such as:

◦   Loan origination fee: 0.5% to 1% of your home loan total

◦   Underwriting fee: $300 to $900+

◦   Document preparation fee: Up to $100

•   Third-party fees. From getting your property appraised to finding and insuring your title, there are plenty of third-party fees that crank up your closing cost total.

◦   Appraisal fee: $600 to $2,000

◦   Survey fee: $500

◦   Real estate attorney fee: $500 to $1,500

◦   Title search fee: $75 to $200

◦   Title insurance: 0.5% to 1% of your home purchase price

◦   Recording fees: $125

•   Prepaid items. As part of signing, you’ll also need to pay a certain number of items upfront, such as your first year’s worth of homeowners insurance to be held in escrow. These costs vary depending on your home’s location and overall value, but they can be substantial. They can include:

◦   Real estate taxes

◦   Tax and insurance escrow deposits

◦   Flood, earthquake, or hazard insurance premiums

•   MIP: As mentioned above, this will be 1.75% of the loan amount, though some borrowers may roll it into the loan amount).

As you can see, FHA loan closing costs can really add up — but it can be worth it to have a home to call you very own.


💡 Quick Tip: Backed by the Federal Housing Administration (FHA), FHA loans provide those with a fair credit score the opportunity to buy a home. They’re a great option for first-time homebuyers.

Reasons to Calculate Your FHA Loan Closing Costs First

If you’re searching for your dream house and accessing a home loan help center, that’s terrific. Be sure to also focus on understanding how much you may pay in closing costs. This can help you know how much house you can really afford to buy.

Often, buyers get so caught up in trying to save up for their down payment that they forget about closing costs entirely. This lump sum, which is often five figures, could be a pretty upsetting thing to be surprised by as you move towards signing.

Calculating your closing costs ahead of time will help ensure you’ve actually saved up enough to comfortably make your home purchase. Your lender is required to offer you a closing statement before it’s time to sign the deal.

That said, the more preplanning you can achieve when it comes to these amounts of money, the better. You may want to use a closing cost FHA loan calculator (look online for tools that can help) so you can get a feel for these numbers.

Tips on How to Save on Your FHA Loan Closing Costs

If you are planning on buying a home, you are probably researching tips to qualify for a mortgage. In addition, you may want to consider ways to lower the overall expense of closing costs.

Yes, closing costs can be a hefty chunk of change. Fortunately, there are a few ways to help lower your closing costs and usher you over the threshold into homeownership.

•   Negotiate with the seller. If the person you’re buying the house from is eager to let it go, they may be willing to pay some — or even all — of your closing costs on their end.

•   Ask for a gift. Not all mortgages allow gift funds to be used for closing costs, but FHA loans do. If you have a friend or family member who is willing to offer a sum of money, you could consider using gift funds to lower your costs.

•   Roll them into the mortgage. As with MIP, it can be possible to roll some of the remainder of your closing costs into your mortgage. Keep in mind that doing so can raise your monthly payment and mean you pay more in interest overall.

The Takeaway

FHA loans do come with closing costs, and most buyers can expect to pay about 3% to 6% of the loan amount at signing. This type of mortgage in particular requires a mortgage insurance premium (MIP) of 1.75% of the loan amount closing, which can drive up the overall price of FHA loans upfront.
Despite these charges, FHA loans can be an important option for many borrowers as they move along the path to homeownership.

SoFi offers a wide range of FHA loan options that are easier to qualify for and may have a lower interest rate than a conventional mortgage. You can down as little as 3.5%. Plus, the Biden-Harris Administration has reduced monthly mortgage insurance premiums for new homebuyers to help offset higher interest rates.

Another perk: FHA loans are assumable mortgages!

FAQ

Who pays the closing costs on an FHA loan?

Traditionally, closing costs are the responsibility of the buyer. However, it is possible to ask the seller to pay closing costs as part of your negotiation. (Keep in mind that this probably won’t work in a highly competitive seller’s market, though.)

How much FHA loan can I qualify for?

The amount you qualify for will depend on personal financial data like your income and credit score. That said, it’s also important to understand that the FHA does impose loan limits that cap the maximum amount borrowers can take out. In 2023, the FHA loan limits for a single-family housing unit are $472,030 in most areas of the country, and up to $1,089,300 in specific, high-cost counties.

Can closing costs be included in an FHA loan?

Some of your FHA loan closing costs, including the upfront MIP, can be rolled into your mortgage, but keep in mind doing so will increase your monthly payment and also mean spending more in interest over time. And note that you can’t include your down payment in the loan. The minimum FHA loan down payment is 3.5%. Using a closing cost FHA loan calculator can help you estimate your expenses.

---

Photo credit: iStock/ridvan_celik

^¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOHL0723012

Read more

A low-income home loan is designed to make it possible for borrowers with lower income levels to meet their goals of homeownership. Typically, low-income mortgage programs help borrowers overcome a variety of barriers. Alongside to serving those with a low income, these programs can help if someone has a poor credit score, large amount of debt, or a small down payment.

This guide takes a closer look at such details as:

•   How home loans for low-income borrowers work

•   Examples of these programs

•   How to buy a home when someone has a low income.

What Is a Low-Income Home Loan?

When it comes to home loans with low-income requirements, these programs tend to have more relaxed income, credit, and down payment requirements than conventional loans. Other advantages of these programs can include lower interest rates, discounted mortgage insurance, and reduced closing costs.

Many low-income loan programs actually have income limits that prohibit those with higher incomes from qualifying. These programs can make it much easier to qualify for a mortgage when someone has a lower income, but they do still need to be able to afford the cost of their monthly payments.

Some of these programs are specifically designed to help first-time homebuyers, and there can be grants, tax credits, and other types of assistance available to new homeowners.


💡 Quick Tip: SoFi Home Loans are available with flexible term options and down payments as low as 3%.*

Examples of Low-Income Home Loans

There are a few different types of home loans for low-income borrowers. Here are a few popular examples:

•   United States Department of Agriculture (USDA) loans. Even with a low income, it’s possible to qualify for a USDA loan if the borrower plans to buy a home in an eligible rural area. As a bonus, this program doesn’t require a down payment.

•   Federal Housing Administration (FHA) loans. These government-backed loans tend to come with lower credit score requirements than conventional loans and only require a 3.5% down payment, no matter what the buyer’s income level is.

•   Veterans Affairs (VA) loans. Active service members, veterans, and potentially surviving spouses can use a VA loan to buy a home without making a down payment.

How Do Low-Income Home Loans Work?

How low-income home loans work depend entirely on the specific loan program the borrower is applying to. For example, with FHA low-income home loans, borrowers must make a 3.5% down payment, but income levels don’t make borrowers ineligible for a loan.

VA loans on the other hand don’t require a down payment at all. It’s best for mortgage seekers to do careful research on each loan program to confirm if they qualify for a mortgage or not.


💡 Quick Tip: A VA loan can make home buying simple for qualified borrowers. Because the VA guarantees a portion of the loan, you could skip a down payment. Plus, you could qualify for lower interest rates, enjoy lower closing costs, and even bypass mortgage insurance.†

Pros and Cons of Low-Income Home Loans

Home loans for low-income families come with some unique advantages and disadvantages worth keeping in mind.

Pros of Low-Income Home Loans

First, consider the upsides:

•   Low to no down payment requirements

•   Easier to qualify for than conventional loans

•   Less strict credit score requirements

•   May have more favorable interest rates.

Cons of Low-Income Home Loans

Next, review the downsides of these loan programs:

•   May only work for specific applicants (like VA loans)

•   May require ongoing mortgage insurance

•   Can be harder to find low-income loan programs.

Are Low-Income Home Loans Worth It?

Low-income loan programs can be worth it if the math makes sense. It’s generally a good idea to shop around with different lenders to see which mortgage loan will be the most beneficial. It can be a good idea to compare different interest rates, mortgage insurance requirements, and fees to see which loan will cost the least.

Borrowers can research a variety of loan programs to see which may best suit their needs. For example, home loans for low-income single mothers, home loans for low-income seniors, or low-income home improvement loans are designed for different borrowers.

Steps for How to Buy a House With a Low Income

When a borrower has a low income, there are steps they can take to make buying a house easier.

•   Build one’s credit score. The higher someone’s credit score is, the easier it can be to qualify for a home loan. It’s a good idea for borrowers to check their credit score to see where they stand and if there are any mistakes on their credit report that might be harming their credit score. Consumers will want to consistently pay their bills on time if they want to help build their credit score before buying a home.

•   Pay off debt. Another technique that can help build a credit score is to pay off debt. This can be beneficial to one’s score, and the less debt someone has, the easier it can be to qualify for a home loan. Lenders take a borrower’s debt-to-income (DTI) ratio into account when deciding how much money to lend them and the lower this ratio is, the better.

•   Save for a larger down payment. The larger someone’s down payment is, the less money they need to borrow. When someone has a low income, it’s easier to qualify for smaller loans. Conventional wisdom may be that they will put down at least a 20% down payment, even if the low-income mortgage loan program doesn’t require that large of a down payment.

Recommended: What Is a HUD Home?

Low-Income Home Loan Tips

If someone is struggling to qualify for a low-income home loan, these are some steps they can take to make the process easier.

•   Find the right program. To start, finding a niche program designed to meet the applicant’s specific needs can help. For example, a single mother may want to look into low-income home loans for single mothers, as well as more general loan programs.

•   Use a cosigner. If someone’s credit score or income makes it challenging for them to qualify for a mortgage, they can apply with a cosigner who has the qualifications lenders are looking for. The cosigner needs to know they will be responsible for making payments if the main borrower defaults on the loan.

The Takeaway

While income is a major factor that mortgage loan lenders take into consideration, having a low income doesn’t need to disqualify someone from qualifying for a mortgage loan. There are low-income loan programs that can help consumers meet their goals of homeownership.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

Can I buy a house if I make 25k a year?

Whether or not someone can buy a house with only a $25,000 a year income depends on a few different factors. The overall cost of the house, their down payment amount, and the lender they choose to work with can all impact if their income will make it possible to qualify for a loan.

What’s the lowest score you can have to get a home loan?

Generally borrowers need to have a credit score of at least 620 to buy a home. All lenders and loan programs have different requirements though, so it’s worth researching the loan programs that work for each applicant’s credit score.

Is there an income limit for first-time homebuyers in California?

Some first-time homebuyer programs in California have income limits. These limits exist to stop buyers who have high-income from taking advantage of programs designed to support low-income buyers.

---

Photo credit: iStock/digitalskillet

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

^†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

SOHL0323019

Read more

A home loan backed by the U.S. Department of Veterans Affairs (VA) can be a great way for eligible service members and their beneficiaries to take out an affordable mortgage — but even though they don’t require a down payment, they’re not free. The VA loan funding fee is a one-time charge associated with taking out a VA home loan. The amount you’ll pay depends on what type of loan you’re taking out, how much you are borrowing, whether or not it’s your first time taking out such a loan, and the size of your down payment.

However, there are some circumstances in which you may not have to pay the VA funding fee — or in which you might be eligible for a funding fee refund. Read on to learn everything you need to know about how the VA home loan funding fee works, and how much you might expect to pay if you’re planning to get one.

What Is a VA Funding Fee?

As discussed above, the VA funding fee is a one-time fee an eligible service member, veteran, or survivor must usually pay in order to take out a VA home loan. This is separate from any down payment the borrower might make, homeowners insurance, or any other cost associated with home-buying: the funding fee’s purpose, per the VA itself, is to help “lower the cost of the loan for U.S. taxpayers.”

Whether you’re buying, building, renovating, or repairing a home, or even refinancing an existing mortgage, if you take out a VA loan, you’ll need to pay the funding fee unless you meet an exemption requirement, which we’ll talk about in more detail below. Of course you’ll also need to meet any other VA loan requirements, much the way you would if you were qualifying for a conventional home loan.


💡 Quick Tip: Apply for a VA loan and borrow up to $1.5 million with a fixed- or adjustable-rate mortgage. The flexibility extends to the down payment, too — qualified VA homebuyers don’t even need one!†

How Does the VA Funding Fee Differ From Mortgage Insurance?

Mortgage insurance, also known as private mortgage insurance or PMI, is usually required on conventional mortgages when the borrower makes a down payment less than 20%. In most cases, when you take out a VA loan, you’re not required to make a down payment at all, nor to pay mortgage insurance. The VA funding fee is a totally separate cost.

Even though it might sound like a downer at first, paying the VA funding fee rather than PMI is really good news for borrowers: Although the VA funding fee is calculated as a percentage of your overall home loan, just like mortgage insurance, it’s far less expensive than having to pay mortgage insurance over time. That’s because the funding fee is assessed just once, while mortgage insurance is paid every month as part of your mortgage payment until you’ve paid off more than 20% of the home loan. That means PMI has the ability to stack up to very high amounts over time.

Recommended: The Different Types of Home Mortgage Loans

Why Is the VA Loan Funding Fee Assessed?

As discussed above, the VA loan funding fee is meant to help lower the cost of VA loans to American taxpayers, since these loans don’t require the borrower to make a down payment or pay mortgage insurance. It’s a relatively small, one-time cost that makes the whole program more affordable for everybody in the long run — what some might call a win-win situation.

How Much Is the VA Funding Fee?

The amount of the VA funding fee varies depending on whether or not this is your first time using a VA loan and how large of a down payment you’re planning to make. (Which type of loan to get is one of many things you’ll have to consider if you’re a first-time homebuyer.) The higher a down payment you make, the lower your VA funding fee will be — and the fees are always lowest the first time you take out a VA loan.These fees can be adjusted over time, and they actually went down in 2023. Today, they range from 1.25% to 3.3%.


💡 Quick Tip: Active duty service members who have served for at least 90 consecutive days are eligible for a VA loan. But so are many veterans, surviving spouses, and National Guard and Reserves members. It’s worth exploring with an online VA loan application because the low interest rates and other advantages of this loan can’t be beat.†

2023 VA Funding Fees for Purchase and New Construction Loans

Here are the rates active-duty military members, veterans, and their survivors can expect when taking out a VA loan. If you used a VA loan in the past to pay for a manufactured home, you’re considered a first-timer for the purposes of this fee. And if your loan from the VA is a Native American Direct Loan, you pay a flat 1.25% regardless of whether this is your first VA loan or how much your down payment is.

	Down Payment Amount	VA Funding Fee
First VA Loan	Less than 5%	2.15%
	5% to 9.99%	1.5%
	10% or higher	1.25%
Subsequent VA Loans	Less than 5%	3.3%
	5% to 9.99%	1.5%
	5% to 9.99%	1.5%

How Is the Fee Paid?

The VA funding fee is due when your loan closes. You can either pay it all at once as a lump sum then, or incorporate it into your financing and pay it off over time. Of course, if you choose to finance your funding fee, you will likely accrue interest on it, making it more expensive in the long run.

Are There Any VA Funding Fee Exemptions?

Yes! If you fall into one of the following circumstances, you won’t have to pay a VA funding fee:

•   You’re receiving VA compensation for a disability connected to your service.

•   You’re eligible to receive VA compensation for a disability connected to your service, but you’re being paid for active duty or receiving retirement compensation instead.

•   You’re the surviving spouse of a veteran and you receive Dependency and Indemnity Compensation (DIC).

•   You’ve received, before the date your loan closes, a proposed or memorandum rating that says you’re eligible for compensation because of a pre-discharge claim.

•   You’re an active duty service member who provides evidence before or on your closing date of having received the Purple Heart.

Is Anyone Eligible for a VA Funding Fee Refund?

In addition to the above circumstances, if you’re later deemed eligible for VA compensation due to a disability connected to your service, you may be entitled for a refund of your VA funding fee. To confirm, you’d need to call your VA regional loan center at (877) 827-3702 (TTY: 711). They’re available Monday through Friday, 8:00 a.m. to 6:00 p.m. ET.

Recommended: The Cost of Living by State

What Do You Need to Provide to Get a VA Funding Fee Refund?

While the VA regional loan center will walk you through your funding fee refund claim, be aware that you’ll need to provide some documentation to prove your eligibility for a refund. That includes:

•   A copy of your disability award letter — the office may also be able to verify your compensation in your system if you’ve lost the letter

•   A copy of the signed closing documents

•   A copy of your current mortgage statement

Some or all of your VA funding fee may be refunded depending on the eligibility of your claim.

The Takeaway

The VA funding fee is a one-time fee that borrowers must pay to take out a VA loan. It’s due at closing, and the amount varies depending on how much you borrow, the size of your down payment and other factors. First-time VA borrowers always enjoy lower fees than those who take out subsequent VA loans.

SoFi offers VA loans with competitive interest rates, no private mortgage insurance, and down payments as low as 0%. Eligible service members, veterans, and survivors may use the benefit multiple times.

Our Mortgage Loan Officers are ready to guide you through the process step by step.

FAQ

What is the typical funding fee for a VA loan?

For a first-time borrower who doesn’t make a down payment as part of their home purchase, the VA loan funding fee in 2023 is 2.15% of the loan amount. So if you borrowed $200,000 in this scenario, the fee would be $4,300.

What is the new VA funding fee for 2023?

Fees now range from 1.25% to 3.3% of the loan amount, depending on your circumstances. The VA home loan funding fee percentage was reduced as of April 7, 2023 by 0.15% in most categories — and 0.3% for those taking out a VA loan that is not their first and who put down less than 5%.

How to avoid VA funding fee

Unless you are eligible for an exemption due to a service-connected disability (or in a few other instances), it’s impossible to avoid the VA funding fee entirely if you’re taking out a VA loan. That said, your funding fee will be lower if you put down a higher down payment. It’s also lower for first-time borrowers than those taking out subsequent VA loans.

---

Photo credit: iStock/kupicoo

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

^†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

SOHL0723007

Read more

Buying a house at auction could be a great opportunity to scoop up a deal on a property. When homes are auctioned off, either due to foreclosure or other reasons, the highest bidder gets the property. Once the property is yours, you could move in, rent it out, or fix and flip it.

How does a house auction work? In terms of the mechanics, they’re not that different from other types of auctions. If you’ve ever been to an estate auction or charity auction, for example, then you might already have an idea of what to expect. But the dollar amounts are likely higher than you would encounter in a typical auction, so if you’re considering buying a house at auction, it’s wise to study the landscape before you start. Here’s what you need to know.

What Are House Auctions?

An auction is a sale that’s open to the public in which something is sold to the highest bidder. House auctions are regulated by state laws. An auction house or company can run the auction on behalf of whoever owns the home, which may be a bank, lender, or individual. How does an auction house work? Auction companies typically get a share of the sale proceeds in exchange for running the auction.

Real estate auctions can save buyers the time and stress of house-hunting for weeks or months on end. If you’re paying cash for the home — and most auction winners do — you don’t have to go through the home mortgage loan process either.

Why Are Some Houses Sold at Auction?

There are different reasons why a home may be sold at auction, but it’s often due to financial hardship on the part of the owner. For example, a home could be auctioned for sale if the owner:

•   Defaulted on the mortgage payments and the home is in foreclosure

•   Agreed to a short sale with the bank in order to avoid foreclosure

•   Failed to make property tax payments

•   Had their property seized as part of a government forfeiture

•   Didn’t pay homeowners association fees as agreed

In other instances, a homeowner may decide to put a property up for auction simply to unload it quickly. If someone inherits a home, for instance, they might decide to auction it off so they can walk away with cash in hand rather than listing the property on the market and waiting for it to sell.

Recommended: What Is a HUD Home?

How Do Auctions Work?

How does an auction work for a house? It’s not that different from any other type of auction. The auction company can announce the date and time of the auction beforehand, giving prospective bidders a chance to research the details of the property. People place bids on the property, either in person or online, by a prearranged deadline, and the person submitting the highest bid wins.

Types of Auctions

House auctions can be absolute, minimum bid, or reserve. How the auction is structured can depend on the seller’s preferences. Here’s how each type of auction works.

•   Absolute auction. In an absolute auction, the property is sold to the highest bidder. Unless there are no bidders at all, a sale is guaranteed.

•   Minimum bid auction. In a minimum bid auction, the auction company sets a minimum bid amount. Bidders must then submit starting bids that are equal to or above that amount.

•   Reserve auction. In this scenario, a minimum bid is not published but the seller reserves the right to reject any bids that don’t meet their reserve price — sometimes as much as several days after the auction concludes. This means there is no guarantee that the property will actually be sold, even to the highest bidder.

House auctions can be held online or in person. The format may depend on the auction house or again, the seller’s preferences.

Most auctions, including house auctions, also involve a buyer’s premium in addition to the so-called “hammer price” (the winning bid). The buyer’s premium is typically a percentage of the hammer price, usually under 10%. The premium is not part of your bid, but you should know what it is and factor that into your overall budget for bidding so that you don’t exceed your resources.

Types of Bids

In addition to there being different types of house auctions, there can also be different types of bids. The seller has the option to choose whether they’d like bids to be blind or open.

•   Blind bids. In a blind bid auction, bids are not disclosed. In other words, you won’t know what the person next to you is bidding. This type of bidding requires buyers to be able to make an educated guess in order to avoid overpaying for a property.

•   Open bids. In an open bid auction, bidders can see what price everyone else is offering for a property. This type of arrangement offers transparency and makes it less likely that you’ll overbid, however, it can lead to a bidding war if there’s a lot of competition for a property.

If you’re researching how buying a house at auction works, it’s important to know which type of bid arrangement the auction house uses beforehand. Otherwise, you could end up in a situation where bidding gets tricky and you risk going over budget or losing the property.

How Much Should I Bid?

There is no simple answer to this question, as the amount you’ll need to bid to win a house at auction can depend on the terms of the auction itself. If you’re in a minimum bid auction, for instance, then you’ll need to bid at least enough to meet the seller’s base requirements. However, you may need to bid well above the minimum to win the auction.

Doing your research before auction day can help you get a better idea of how much to bid on a house at auction. If you know, for example, that there’s still $100,000 remaining on the mortgage of a foreclosed home then you might set that amount as your maximum bid if there is no minimum.

However, you’d also want to know what the home is worth. If the property’s appraised value is only $70,000, then you’d likely want to adjust your maximum bid down. The more you know about the property, the easier it becomes to establish your minimum and maximum thresholds for bidding.

Example of a House Auction

How does buying a house at auction work in real life? Again, it can depend on several factors, including the state the auction is being held in, the auction company that’s being used, the seller’s preferences, and the home itself. Here’s an example of what an absolute, open-bid auction might look like.

You, along with other prospective buyers, are bidding on a home with no minimum. You know from your research that the property has an appraised value of $80,000 so you decide your maximum bid will be $70,000. Another buyer makes an opening bid of $30,000, which is followed by bids of $35,000, $42,000, $53,000, and $60,000 from the remaining bidders.

At this point, you decide to bid $63,000, which is still under your maximum bid threshold. As the auction continues, buyers one and two stop making new bids. Buyer three counters with $65,000 and you bid $67,000. Buyer three bumps their bid to $69,000, which prompts you to go to $70,000.

If there are no more bids, then you win the property and move on to the next step, which is to arrange payment with the auction company. If buyer three counters with $72,000, you’d need to decide if you want to go above your maximum bid or let the property go.

Buying a House at Auction: In Person vs. Online

Auction companies can host home auctions in person or online. The process is still largely the same, though there are some differences to know.

In Person

At an in-person auction, you and other interested bidders will meet at an appointed date, time, and place to make your bids. An auctioneer will run the auction and accept bids, according to the seller’s preferences. Should you win an in-person home auction, you’ll need to make arrangements for payment that day.

Attending an in-person auction can be more stressful if you’re in an open bidding situation and it starts to get competitive. You might be driven by emotion to make a bid that you otherwise wouldn’t if you felt less pressure to secure a particular property.

Online

Online house auctions also require you to show up at an appointed day and time to place your bids but you’re able to do it from the comfort of home or wherever you happen to be at the moment, as long as you have a strong internet connection. You and other buyers can make bids on the property and again, the winner gets the home.

Buying a house at auction online may be more convenient if you’re not able to go to the auction site in person. You could bid on homes on your lunch break at work or while you’re waiting in the carpool line to pick up kids from school. You may feel less pressure since you’re not surrounded by other eager buyers shouting out bids.

How to Find Real Estate Auctions

There are several ways to find real estate auctions near you, starting with an online search. You can visit real estate auction websites and filter for properties near you by your current location. Auction websites may also allow you to filter by property type or opening bid so you can narrow down your search to find properties that fit your budget. The number of properties available is driven in part by foreclosure rates in each state.

You can also look for home auctions near you using other means, including:

•   Craigslist

•   Facebook

•   Local newspaper advertisements

•   County treasurer or tax assessment notices online

•   County court websites

If you know a local real estate agent, you might also contact them to ask if they know of any upcoming property auctions. Finally, you can ask around with friends, family, or coworkers to see if anyone in your circle has a lead on a home that may be going up for auction.

What Bidders Need to Know

Before buying a house at auction, there are a few rules to be aware of. If you’re a first-time homebuyer or investor, here’s what you’ll need to know.

•   You don’t need a real estate agent to buy a house at auction, though it might be helpful to talk to one informally about how the auction works or the details of a home you’re interested in.

•   Houses sold at auction are usually as-is, meaning that if you buy a home that needs repairs, you’re responsible for making them.

•   Depending on the reason for the auction and who the seller is, you may not be able to get a full home inspection (or any inspection) before buying.

•   You may need to bring cash to the auction house to make a down payment or pay in full for any properties you win.

•   If you’d like to attend a house auction online, you may first need to demonstrate to the auction company that you’re a qualified, legitimate buyer.

•   Failing to follow through on the purchase after winning can result in the loss of any down payment or deposit you’ve made and you could also be barred from participating in future auctions.

It’s usually a good idea to read through the auction company’s policies beforehand so you know what obligations you have in attending the auction and if you win a bid.

Pros and Cons of Real Estate Auctions

Should you buy a house at auction? There are some advantages and disadvantages involved. On the pro side, you could buy a home for much less than what you could purchase one for on the open market. Homes that sell at auction may sell for below their appraised value, which could make it easier to find a bargain on a property. That might appeal to you if home prices are where you live have put home buying out of reach.

How much money you can save when buying a house at auction can depend on how motivated the seller is to get rid of it as well as the overall demand for properties in that area. When you compare the cost of living by state, the cost of living in California is much higher than other areas, largely because of how competitive the housing market is.

In terms of the downsides, most homes at auction are sold as-is. You run the risk of buying a home that looks like a great deal on paper, only to find out that it needs extensive repairs in order for it to be livable. If you’re trying to make some quick money with a fix and flip investment, for example, the final profit may fall short of your goals.

Another concern is ensuring a clear title on the property, particularly if it is in foreclosure or bank-owned. Order a title report on the property and look for secondary mortgage or tax liens. Sometimes the auction agreement will make the buyer responsible for these costs, so it’s a good idea to read the agreement carefully and to buy title insurance as well.

Unless the auction house offers a financing option, you’ll need to have cash on hand to complete the purchase. Coming up with tens of thousands of dollars to buy a home in cash may not be realistic for the average buyer. Last but not least, house auctions aren’t guaranteed. You’ll still need to go through escrow and closing on the property and, during that time, if the original homeowner is able to work out an agreement with the lender or bank that allows them to keep the home, your efforts to try to buy it could come to nothing. Think of winning a house auction as winning the right to buy the house, not winning the house itself.

Recommended: What Is a VA Loan?

Tips to Buying Auction Homes

If you’re interested in how to buy a foreclosed home or bank-owned property at auction, it pays to do your research as mentioned. For example, you might ask these questions before the auction.

•   Why is the home being sold?

•   Is it a foreclosure or bank-owned?

•   Will I be able to inspect the property beforehand or is it being sold as-is?

•   What type of auction is it and are bids open or blind?

•   How much cash will I need to bring? How much would I need to have easily at hand in the event that I have the winning bid?

•   Does the auction house allow financing?

•   What happens if the owner is able to reclaim the property?

The other tip to keep in mind is to know what you can comfortably bid, based on your budget. A real estate agent can also give you some valuable insight into the condition of the local housing market, which may make it easier to identify a good or bad buy.

If you go into a house auction without a firm limit set, it’s easy to go over budget and potentially end up paying too much for a property.

Risks of Buying Houses at House Auctions

House auctions are not risk-free, as you’re not always guaranteed total transparency. Some of the biggest risks to be aware of include:

•   Buying a home as-is, only to find out it needs a lot of work to make it livable. Big-ticket problems that may not be immediately visible might include mold, a defective septic system, or electrical problems.

•   Getting caught in a bidding war and paying too much for a property

•   Tying up all of your cash in an investment property that may take months to become profitable

•   Having your bid superseded if the homeowner is able to work out a last-minute agreement with the bank or lender

Being aware of the risks can help you to decide if buying a house at auction is right for you. And remember that there are other ways to invest in property, without having to own it directly. For example, you might collect dividends from a real estate investment trust (REIT), hold real estate mutual funds or exchange-traded funds (ETFs) in your brokerage account, or buy property alongside other investors through a real estate crowdfunding platform. If you are open to investing in commercial real estate, real estate options contracts are, well, another option.

The Takeaway

If you’re interested in how to buy a house on auction for yourself, it’s important to know what the risks are and what the process involves. At the end of the day, you might find that it’s easier to go the traditional route for buying a home.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

What are the advantages of buying a house on auction?

Buying a house at auction could save you money if you’re able to pay less for a property than you would on the open market. Home auctions can offer opportunities for investors or would-be first-time buyers to save money on the purchase of a property.

What is the benefit of an auction house?

Houses sold at auction can be more affordable than homes sold on the open market. That’s an advantage if you’d like to buy a home, either to live in or as an investment property, but high prices are keeping you out of the housing market.

What happens when you bid at an auction?

When you make a bid on a house at auction, your bid can be topped by another prospective buyer or accepted if it’s the highest bid. If you make a winning bid, then you can move to the next phase, which involves signing the necessary paperwork and arranging payment to assume ownership of the home. \

---

Photo credit: iStock/bymuratdeniz

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOHL0523004

Read more