HomeLight

OCTOBER 22, 2021

There are a host of other costs that come with homeownership, and knowing how much you’ll really end up paying can feel like guesswork. You may be wondering how affordability calculators work if you’re ready to get some numbers down on paper before showing up for a pre-qualification meeting with a lender.

Pre-qualification 90

Pre-qualification Pre-approval VA loan FHA loan 90

Redfin

JULY 11, 2023

Government-backed loans, such as FHA or VA loans, provide more flexible qualification criteria and specific benefits. Mortgage rates are influenced by various factors, such as the borrower’s credit score, loan-to-value ratio, loan term, and prevailing market conditions. What is a mortgage? How does a mortgage work?

Pre-approval 59

Pre-approval Mortgages Pre-qualification Debt-to-income ratio 59

HomeLight

AUGUST 31, 2020

VA loans also offer even more benefits, like better interest rates and less strident qualifications — but as the name indicates, they are only available to current military members or veterans (or their spouses). You may think homeownership is impossible, but it may not be as far from your reach as you think. Source: Surface / Unsplash).

Debt-to-income ratio 65

Debt-to-income ratio FHA loan Pre-qualification VA loan 65

Marco Santarelli

OCTOBER 6, 2023

Some lenders may require higher scores, especially for borrowers with other risk factors, such as a high debt-to-income ratio or a short credit history. Buying a house with no money down is possible, but it requires a good credit score. To buy a house with no money down, you typically need a credit score of at least 620.

VA loan 52

VA loan FHA loan Pre-qualification Debt-to-income ratio 52

HomeLight

FEBRUARY 12, 2021

As a seller, you’re usually not taking on additional risk by accepting an offer from a buyer pre-approved for an FHA loan than you would with a buyer pre-approved for a conventional loan. You’ve just received the first offer on your home — and it’s backed by an FHA loan. So what do you need to know about FHA loans as a seller?

FHA loan 109

FHA loan Loans Pre-approval Pre-qualification 109

HomeLight

JULY 30, 2021

Additionally, a certain amount of the monthly rent is also typically stipulated to help cover the buyer’s closing costs or down payment. For example, monthly rent on the house is $2,000, and the buyer agrees to pay an additional $300 a month, which will go toward closing costs on the purchase.”. Lease-option agreements.

Purchase and sale agreement 98

Purchase and sale agreement Debt-to-income ratio Pre-qualification Inspection 98

Redfin

APRIL 7, 2023

Get pre-approved for a mortgage My advice to first-time homebuyers is to find a good loan officer and get pre-approved, fully underwritten approval is best. – Robert Cenzer | Redfin Agent Don’t jump in and start house hunting until you have been pre-approved by your local bank or lender.

Pre-approval 58

Pre-approval Agents Pre-qualification Debt-to-income ratio 58