Redfin

AUGUST 29, 2024

Debt-to-income ratio (DTI) Another major factor that a lender will consider when approving your mortgage loan is your debt-to-income ratio (DTI). These loans are typically issued for more expensive homes and come with stricter qualification requirements. VA loan: Backed by the U.S.

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RIS Media

OCTOBER 29, 2020

The Federal Housing Administration (FHA) backs the FHA loans program. FHA mortgage programs are one of the most popular among first-time homebuyers. There are numerous benefits to FHA loans. If you are a veteran or currently serving, the VA loans program offers great terms. Preapproval.

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Windemere Buying

JUNE 25, 2021

Buyers are constantly looking for ways to streamline the buying process , whether that’s working with their agent to identify how they can increase their buying power , getting pre-approved , or being as cash-ready as possible. However, buyers should be aware that the second loan will likely come with higher interest rates.

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HomeLight

AUGUST 31, 2020

For example, both conventional and FHA loans offer first-time buyers the opportunity to purchase a home with only 3% down (conventional) or 3.5% down (FHA). Don’t forget to do your research and ask plenty of questions when talking to lenders and your real estate agent about local and state first-time buyer programs.

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Debt-to-income ratio FHA loan Pre-qualification VA loan 93

HomeLight

JUNE 28, 2021

HUD’s Office of Housing also includes the Federal Housing Administration (FHA), an agency that insures mortgage loans issued by FHA-approved lenders to protect against losses if a borrower defaults on a loan. Get pre-qualified with a mortgage lender. Find a HUD-approved agent. No problem!

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Redfin

APRIL 7, 2023

To help you get started, we turned to some of Redfin’s top Partner Agents in San Diego to help you navigate the process with confidence. 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.

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Pre-approval Agents Pre-qualification Debt-to-income ratio 56

HomeLight

SEPTEMBER 30, 2020

“You may think you can afford a certain amount, but a lender looks at certain formulas like your debt-to income-ratio, your employment, and your credit history,” says Sherry Ludecker , a top-selling real estate agent in Johnson City, Tennessee , who specializes in helping first-time homebuyers. What’s considered a low credit score?

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FHA loan Pre-approval Debt-to-income ratio Inspection 88

Windemere Buying

OCTOBER 18, 2021

By working closely with your agent , you can identify these pitfalls ahead of time and adjust accordingly. Not getting pre-approved Getting pre-approved is a key component of the early stages of the buying process and will help to maximize your chances of getting your offer accepted.

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Pre-approval Pre-qualification Debt-to-income ratio Inspection 52

HomeLight

AUGUST 16, 2021

A few places to find them include HUD’s list of local homebuying programs , the FHA’s list of state-by-state DPA programs … and, well, Google. Your real estate agent is another great resource for help!). This loan backed by the Federal Housing Administration is ideal for those with low savings or a just-OK credit score.

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HomeLight

JANUARY 12, 2022

Conventional loan. The seller’s portion of closing day usually takes one to two hours , according to Sherry Wiggs , a top real estate agent in Westchester County, New York. The seller’s portion of closing day usually takes one to two hours , according to Sherry Wiggs , a top real estate agent in Westchester County, New York.

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Redfin

JUNE 29, 2023

Various programs are available for first-time homebuyers in Michigan, including the MI Home Loan , which can assist with up to $7,500 in down payment assistance. Get pre-approved from a lender Getting pre-approved from a lender is an essential first step when starting the homebuying journey.

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Redfin

MAY 2, 2023

Additionally, it’s important to review your credit report and score, as these can impact your ability to get approved for a mortgage and affect your interest rate. Colorado has several first-time homebuyer programs that can provide aid, such as the CHE Down Payment Assistance Loan , which offers up to $10,000 in down payment assistance.

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HomeLight

AUGUST 20, 2021

The appraisal is a crucial step in the closing process; your home must appraise for equal to or more than the sale price for the buyer’s lender to approve their mortgage. FHA loans require a special appraisal. The FHA appraiser ensures that the property meets HUD’s minimum property requirements. Improvements.

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FHA loan Inspection Pre-approval Loans 105

HomeLight

OCTOBER 29, 2021

Together with top Houston -based real estate agent Andy Gleason of The Franklin Team , and a real-life homeowner who saved for their home in a short period of time, we’re sharing all the tips, tricks, and strategies for saving for maximizing your savings goals. down for a FHA loan. A VA loan may allow you to put zero down.

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Loans FHA loan Pre-approval Closing costs 105

HomeLight

AUGUST 16, 2021

We’ve rounded up expert advice from all across our Buyer Resource Center and enlisted the help of top Massachusetts agent Rosemary Mancuso to walk us through what first-time buyers need to buy a house. The higher your score, the more likely you’ll be approved for a mortgage, and the better rate you’ll be offered. Let’s get to it!

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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. These are things you just might not know as a buyer — but your agent and loan officer can give you guidance!

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HomeLight

SEPTEMBER 30, 2020

“You have to wait for the current owner’s bank to approve the short sale,” says Jessica Sanchez, Director of Underwriting and Loan Management at HomeLight. On average, you can expect a short sale to take between 60 to 90 days before you get the bank’s approval on your offer.

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Marco Santarelli

AUGUST 24, 2024

Government-Backed Loans: Options like FHA, VA, and USDA loans can assist first-time buyers with lower credit scores. Pre-Approval is Crucial: Understanding your budget helps streamline your home search and secures competitive offers.

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Loans Pre-approval Debt-to-income ratio VA loan 52

HomeLight

JULY 31, 2022

While an appraisal is not in the same category as the more in-depth home inspection, different mortgage types (such as conventional loans or government-backed FHA , USDA, or VA loans ) have different minimum property standards. How does a buyer’s loan type affect minimum property standards?

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HomeLight

MARCH 6, 2023

With the help of top Bay Area agent Carl Medford , who has 22 years of experience and specializes in helping first-time homebuyers, we’ve put together a comprehensive guide that breaks down all the ins and outs of buying a house in the Bay Area. Loans are between 3%-3.5% Looking to Buy Your Dream Home in the Bay Area?

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HomeLight

OCTOBER 27, 2021

“If you can get to a home as a preforeclosure before it goes into foreclosure, that’s the best route,” explains Donny Piwowarski , a top-selling agent who works with 84% more single-family homes than the average agent in his region of Tracy , California. “A In preparation for making your offer, talk to your agent about what seems fair.

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Purchase and sale agreement Inspection Homeowner’s association Title 110

HomeLight

MAY 19, 2022

There are some misconceptions about what “as is” means, says top-rated Maryland real estate agent Juan Umanzor. “I Yes, according to Umanzor, there is an as-is addendum for agents to complete. The main options to sell a house “as is” include: List ‘as is’ with the help of a real estate agent. They want to sell as-is.”.

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HomeLight

MARCH 2, 2023

If you’re shopping for a home in San Diego, a trusted buyer’s agent is a key member of your team. HomeLight analyzes millions of transactions and thousands of reviews to find you a proven, top-performing agent in just under two minutes. Find a Buyer's Agent What will it cost to buy a home in San Diego?

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HomeLight

MARCH 6, 2023

As Richard Stives , a real estate agent in El Paso, Texas, who specializes in first-time homebuyers and relocations, explains, “Most buyers are relying on financing in order to buy a house, their lender is going to require an appraisal to determine the value of the home in relation to what that buyer is willing to pay for it.”

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HomeLight

APRIL 11, 2022

Inventory has been low since before 2020, when the coronavirus pandemic exacerbated the issue, and most agents expect that trend to continue. Real Estate Agent. Real Estate Agent at Keller Williams NY Realty. The listing agent may also provide comps to show how the sellers arrived at an asking price. Jeremy Zucker.

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HomeLight

MAY 23, 2022

Josh Muncey , a real estate agent with over $500 million in career sales and 16 years of experience selling in greater Boston, Massachusetts, says, “it’s hard to find a market in the Boston area that’s not feeling red hot lately.”. Real Estate Agent. Real Estate Agent at Compass. Josh Muncey. Currently accepting new clients.

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Redfin

FEBRUARY 10, 2021

Buyers should ask their real estate agent about their local market and advice on making offers competitive. However, there are other types of home loans, such as FHA-backed loan, Conventional and VA loans if you have served in the military and qualify, that may allow you to put down less than twenty percent while avoiding PMIs altogether.

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Debt-to-income ratio Pre-approval Inspection Purchase and sale agreement 76

HomeLight

OCTOBER 29, 2021

We’ve rounded up advice from top real estate agents, plus talked to a few first time buyers who shared how they turned that impossible dream into a reality. Find a reputable and experienced agent. Navarro says that an agent who has a good reputation can also help buyers stand out to sellers and their agents.

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HomeLight

SEPTEMBER 30, 2021

Additionally, down payment assistance (DPA) programs help homebuyers with loans or grants that reduce the amount they need to save for a down payment and/or closing costs. Department of Housing and Urban Development (HUD)-approved counseling agency, providing more than 31% of the housing counseling in the country. “It’s

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Loans Pre-approval Mortgages VA loan 104

HomeLight

AUGUST 12, 2022

“The first thing that’s important to distinguish is whether ‘as is’ comes from the seller or the buyer,” explains Monica Bullington , a top agent in Bloomington-Normal, Illinois, who works with over 85% more single-family homes than the average area agent. Steps to list ‘as is’ with the help of a real estate agent.

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