Realty Biz

JUNE 15, 2022

Department of Veterans Affairs (VA) loan. Check with your loan officer to see if you qualify for any first-time buyer programs. Student Loan Debt Must Be Paid off. The notion that you must be free and clear of student loans in order to qualify for a mortgage simply isn’t the case.

Debt-to-income ratio 97

Debt-to-income ratio VA loan Fixed-rate mortgage Loans 97

HomeLight

SEPTEMBER 21, 2022

However, this is completely doable if you’re working with the right real estate experts, according to April Gongora Brown , a New Orleans -based agent who has sold 73% more properties than the average agent in her area. Connect with a Top Agent. Find Agent. Consult your loan officer. Assess the feasibility.

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Debt-to-income ratio Loans Equity Loan Officer 101

Broke Agent Media

JANUARY 9, 2023

As an agent, when you’re working with buyers at any price point, you can help them prepare for the inevitable conversation with a mortgage lender. . Zillow Home Loans Senior Economist. The post New Conforming Loan Limits Make Over 2 Million Homes More Attainable first appeared on Broke Agent Media. Nicole Bachaud.

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Loans Debt-to-income ratio Finance Loan Officer 52

Realty Biz

MARCH 9, 2021

If a parent or parents currently have a home mortgage and other debt, it would seem a bit of financial stress to take on a 2 nd mortgage on a separate mortgage. For the Family Opportunity Loan, the guidelines state that the debt to income ratio can be as high as 50%. Should you hire a real estate agent?

Pre-approval 144

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Redfin

MARCH 3, 2022

To avoid a closing delay or, even worse, the sale falling through, it’s essential to be upfront and honest with your loan officer. Give your loan officer full disclosure from the start – tell us everything. Any changes to employment status could force the lender to decline the loan even at this point.”.

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Closing Title search Purchase and sale agreement Title 62

HomeLight

MAY 31, 2021

And while you can expect to answer plenty of questions from your mortgage lender about qualifying for a loan, as a buyer, there are also several important questions you should be asking your lender. I had some clients a few years ago that had trouble qualifying because they had a lot of debt. What type of home loans do you offer?

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Mortgages Debt-to-income ratio Loans Closing costs 59

HomeLight

JUNE 22, 2023

Would you say it’s trying to find the right real estate agent ? Save thousands when buying a home HomeLight recommended real estate agents are top-tier negotiators who understand the market data that helps you save as much as possible when buying your dream home. That number will be your debt-to-income ratio.

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Debt-to-income ratio Mortgages FHA loan Loans 87

Realtor.com

NOVEMBER 11, 2022

monkeybusinessimages/iStock No, it’s not leaping into buyer mode by picking out a real estate agent who has pretty homes, setting up a home inspection, and then moving in your sectional couch. Furthermore, lenders don’t just hand out loans to everyone who walks in their door. Step 3: Learn how a loan officer can help.

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Pre-approval Pre-qualification Debt-to-income ratio Loan Officer 131

HomeLight

SEPTEMBER 1, 2022

Student loan debt doesn’t make it impossible to live out your dream of homeownership; it just makes it a bit more difficult because of its impact on your debt-to-income ratio (DTI), credit score, and down payment savings. Real Estate Agent. Real Estate Agent at The Kaminsky Real Estate Group.

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HomeLight

JANUARY 27, 2021

But there’s so much to keep track of along the way: hiring an agent, getting a mortgage, making offers, and closing the deal. We tapped the expertise of top Illinois real estate agent Jen Ortman , who walked us through some of her best advice for buyers. Hiring an agent. Hiring an agent is a big deal. And the best part?

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Closing costs Inspection Loans Earnest money deposit 116

Realty Biz

JANUARY 19, 2024

Interviewing and selecting a buyer's agent and choosing a mortgage lender and real estate attorney are vital steps. Many first-time home buyers have low credit scores and need help with high debt-to-income ratios. Consider your monthly income, expenses, and debt-to-income ratio when setting a budget for your new home.

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Debt-to-income ratio Pre-approval Purchase and sale agreement Inspection 100

HomeLight

NOVEMBER 29, 2023

Here’s what you need to know about mortgage loan rate locks, what they can do for you, and when and how you can put one in place. Find a Top Buyer’s Agent to Guide You HomeLight can connect you with a top real estate agent familiar with the mortgage application process and home listings in your area. Boyles explains.

Mortgages 97

Mortgages Debt-to-income ratio Loans Closing 97

HomeLight

OCTOBER 15, 2020

First, be aware that you can only get a USDA loan for a house in certain eligible areas that the government deems “rural,” so make sure your area is included; a real estate agent with experience in USDA loans can help. For a USDA loan, you should have a minimum FICO score of 640. Submit the loan application.

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Loans Purchase and sale agreement Loan Officer Debt-to-income ratio 83

Redfin

FEBRUARY 10, 2021

Buyers should ask their real estate agent about their local market and advice on making offers competitive. Have a Healthy Debt-to-Income Ratio (DTI). Another key component banks consider when issuing loans, is your debt-to-income ratio. Find a Knowledgeable Real Estate Agent.

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Debt-to-income ratio Pre-approval Inspection Purchase and sale agreement 75

HomeLight

JULY 29, 2022

“One big thing that could delay closing is if, say, someone goes out two weeks before they close and they buy a car — or they buy all new furniture,” explains Pete Veres , a top-selling agent with 19 years of experience in Albuquerque, New Mexico. This can radically alter their debt-to-income ratio and jeopardize the whole deal.

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Closing Purchase and sale agreement Title Home sale contingency 103

Realtor.com

APRIL 8, 2021

Decent credit score: You must have a minimum credit score of 660 for a conventional low-income-rate loan, and a minimum credit score of 680 for a conventional standard-rate loan. Income cap: Your earnings can’t exceed CalHFA’s income limits , which are based on the specific area you are looking to buy in.

Debt-to-income ratio 95

Debt-to-income ratio Closing costs Loans FHA loan 95

HomeLight

SEPTEMBER 8, 2020

“Buy a home where the payment will be comfortable for you, not the max amount you’re approved for,” recommends Ryan Ogle , a top-selling real estate agent in Grand Rapids, Michigan , who’s sold 66% more single-family homes than other agents in his area. Working with a top agent can save you money.

Closing costs 90

Closing costs Inspection Debt-to-income ratio Title 90

HomeLight

JUNE 30, 2022

We asked our top agents for their best advice for first-time buyers and we’re going to delve into the top dos and don’ts when buying a home; some may be odd, others may be more obvious, and several you may have never considered. Work with an agent. There are many steps along the way to homeownership , and it can get quite bumpy.

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Purchase and sale agreement Inspection Earnest money deposit Closing costs 74

HomeLight

OCTOBER 11, 2021

Lindsey Chaney is an experienced agent in Troy , Ohio, who works with 69% more single-family homes than other agents in her area. She advises having a loan officer run an estimate based on your home budget when deciding where to look for homes. How much income do you earn relative to your debts?

FHA loan 80

FHA loan Loans Debt-to-income ratio Closing costs 80

Realtor.com

NOVEMBER 28, 2022

“USDA home loans are a fantastic option for qualified homebuyers and aren’t limited to rural properties like farms,” says Tan Tunador , a senior loan officer with Atlantic Coast Mortgage in Loudon County, VA. Types of USDA loans. But don’t be afraid to ask for help.

Loans 95

Loans Mortgages FHA loan Debt-to-income ratio 95

HomeLight

AUGUST 31, 2021

Anybody who spends a significant amount of time shopping for a home will hear about FHA loans. Often, neither lenders nor agents will tell borrowers about the programs. Adequate income. The number varies from program to program, but you’ll need a minimum debt-to-income ratio to qualify. Solid credit.

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RIS Media

MARCH 25, 2022

From the weight it holds on their debt to income ratio to the challenges it presents on an aspiring buyer’s ability to save for a down payment, Lautz says that student loan payments pose an additional affordability challenge amid rising home prices and mortgage rates.

Loans 98

Loans Debt-to-income ratio Mortgages Loan Officer 98

HomeLight

JUNE 30, 2021

How does it factor into your overall debt-to-income ratio ? Jennifer Hernandez, senior loan officer and top producer at Legacy Mutual Mortgage in Houston, Texas, explains how lenders consider mandatory HOA costs. “We Is your HOA fee covered in your mortgage?

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Mortgages Debt-to-income ratio Loans Due diligence 64

The Close

DECEMBER 29, 2022

Whether you’re a veteran agent or a rookie hoping to sound authoritative during your first transaction, you need to be able to succinctly explain common real estate terms and definitions to your clients. It might feel stressful, but handling contingencies well is actually a time when you, as the agent, can really shine.

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Purchase and sale agreement Title Proof of funds Pre-approval 98