Lab Coat Agents

MAY 1, 2024

VA loan assumptions offer a fantastic opportunity for your clients to save thousands on their mortgage in a rising interest rate environment. What is a VA Loan Assumption? When a buyer assumes a VA mortgage loan, they take over the seller’s existing loan balance and current interest rate. That is inaccurate.

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HomeLight

JULY 31, 2020

One note: During riskier loan environments, such as during a recession, lenders will often protect themselves by increasing the standards required to get a mortgage loan. Conventional loans were more likely to have a 20% down payment, and VA loans averaged just 2% down. Image Source: (Shutterstock.com/SeaRick1).

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HomeLight

OCTOBER 11, 2021

You’re getting ready to start shopping for a house, and you’re pretty certain you want to go with an FHA loan. The Federal Housing Administration backs loans with less strict credit requirements and low down payment options to help families become homeowners. How much house can you afford if you’re getting an FHA loan?

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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. Work with that loan officer and their agent to understand what timeframes they’re comfortable with in an offer. This way you’ll know exactly how much house you can afford.

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HomeLight

JUNE 22, 2023

Monthly income The very first thing you need to consider is your income. First, lenders will look at your annual gross income when they’re deciding how much money you can borrow. However, when you are trying to figure out how much house you can afford , you should also look at your monthly net income.

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HomeLight

MAY 31, 2021

Before you even start looking, you’ll also need to find a mortgage lender who will determine how much house you can afford , make sure your credit is in good standing, and see what kind of loan programs will work best for you. I had some clients a few years ago that had trouble qualifying because they had a lot of debt. Conventional.

Mortgages 58

Mortgages Debt-to-income ratio Loans Closing costs 58

HomeLight

SEPTEMBER 1, 2022

Well, hello there, student loan debt. Millennials and Gen-Zers have on average $36,000 in student loan debt , as the Education Data Initiative reports in its 2021 study. You build zero equity while you’re renting, and your payments are variable. Why might that be? Edward Kaminsky. Real Estate Agent.

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HomeLight

AUGUST 26, 2020

If you’re a first-time homebuyer , you have a lot of decisions to make, including what type of loan to choose. You may have heard that FHA loans are good options for first-time homebuyers, but why is that? Well, FHA loans have a few benefits for first-time homebuyers that conventional loans don’t.

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HomeLight

JUNE 21, 2023

Others, such as the California Employee Loan Program, or CELP , are targeted to residents in a particular state. If you’re one of the roughly 4 million teachers nationwide, purchasing a home might be a lot easier than you realize, thanks to homebuyer programs for teachers specifically designed to save on down payments and other fees.

Loans 92

Loans Debt-to-income ratio FHA loan Closing costs 92

HomeLight

JANUARY 27, 2021

Lenders may not be able to count a lot of income sources that buyers have, and I don’t think they really realize that a lot of times.”. It’s all about how lenders calculate income. For example, lenders can’t always count your 1099 income toward qualifying you for a home. Here’s what you need to know before buying a home.

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HomeLight

JULY 7, 2022

While online affordability calculators can give you a great start, there are a ton of factors that go into what’s in your budget for your first home, including location, savings , debt, and credit score. Department of Housing and Urban Development), is it worth it to buy a home ? And what can you actually afford right now ? Census Bureau.

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Redfin

MAY 3, 2023

With a conventional mortgage, which is a home loan that isn’t federally guaranteed or insured, you have to pay for private mortgage insurance (PMI) if you put less than 20% down. Be sure to ask your mortgage lender about your available options for mortgage insurance when shopping for a mortgage loan. 05% – 1% of your home loan.

Mortgages 64

Mortgages FHA loan Pre-approval Debt-to-income ratio 64

HomeLight

MARCH 9, 2023

Disclaimer: This post about loan and assistance programs for low-income and minority homebuyers is provided for educational purposes and does not constitute financial advice. We’ve gathered information about assistance programs and their various options, from loans to down payment assistance. However, there is help out there.

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Real Estate Finance HQ

AUGUST 25, 2017

FHA Guidelines can be very complex. The actual book published by the FHA is over 1,000 pages! This guide outlines the types of, as well as the necessary qualifications for, FHA loans. What is a FHA Loan? Current FHA Requirement. Housing Ratio. Debt to Income Ratio.

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HomeLight

AUGUST 31, 2021

Does the idea of buying a fixer-upper and quickly gaining thousands of dollars in equity by making minor cosmetic repairs appeal to you? If so, then the 203k loan may offer a way to finance your plans, but first, you’ll need to know both what this loan is and how to get a 203k loan. . What’s a 203(k) loan?

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HomeLight

JUNE 30, 2021

A zero-down-payment mortgage is a home loan that you can get without putting any money down — but only for specific loan types, and not every buyer and home will qualify. There are loan programs that allow you to put down much less than that — as little as 3% or even no down payment! Source: (Thought Catalog / Unsplash).

VA loan 67

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Realtor.com

JUNE 18, 2021

MANDEL NGAN/AFP via Getty Images WASHINGTON—The Federal Housing Administration is relaxing the way it assesses student-loan debt when weighing eligibility for homebuying assistance as the Biden administration pushes to help lower-income borrowers and narrow a racial gap in homeownership. Williams said.

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HomeLight

JUNE 13, 2022

One of the biggest reasons why some people choose to rent-to-own a house is because they need time to build or improve their credit scores before they can qualify for a mortgage loan. You’ll need to have a down payment for most mortgage loans, with minimums of anywhere between 3% of the home’s purchase price for a conventional loan , to 3.5%

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Purchase and sale agreement Loans Inspection Closing costs 109

HomeLight

DECEMBER 30, 2021

Putting down anywhere between 3% and 20% of the home’s purchase price is common, though there are some loan programs that will let you put 0% down. Lenders want to see that you’re capable and willing to repay your loan, so a down payment serves as a credible up-front investment. Your income. Your loan may only require a 3.5%

VA loan 90

VA loan FHA loan Loans Closing costs 90

HomeLight

DECEMBER 31, 2020

A 7% down payment might sound small; for a house that costs $313,000, however, 7% is $21,910, not to mention the closing costs you’ll need to pay, which can tack on up to 2% to 5% of the loan amount. Exception: If the purchase price is more than the appraised value, divide the loan amount by the appraised value.).

Mortgages 67

Mortgages VA loan Debt-to-income ratio Loans 67

HomeLight

NOVEMBER 29, 2021

New Jersey is one of the smallest states in the country, and it’s also the most densely populated, with 1,211 people per square mile as of 2018. Flanked by New York to the north, Philadelphia to the west and the sand and salt of the Atlantic Ocean (and the Jersey shore) to the east, New Jersey is a great place to live. What determines home prices?

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HomeLight

OCTOBER 29, 2021

Well, you’ll need a down payment — which, depending on the loan program you go with, could be as low as 3% (or even 0% with certain government-backed programs). All of these factors have made buying a home in 2021 very competitive, and if you’re a first-time buyer , it can seem downright daunting! Source: (Towfiqu barbhuiya / Unsplash).

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Housing Wire

DECEMBER 7, 2020

The incoming Biden administration has made improving racial equity a pillar of its domestic policy agenda, and appropriately so. With home equity accounting for a quarter of total U.S. With home equity accounting for a quarter of total U.S. Presented by: Quicken Loans Mortgage Solutions. of the average home price.

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Realtor.com

JANUARY 12, 2022

Keep in mind that refinancing requires taking out a new home loan, which means you’ll have to meet eligibility requirements before you’re approved. If not, your ex-spouse could benefit from the sale of and equity in the home. Your marital home is likely the most significant asset you and your partner own together.

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Housing Wire

MAY 2, 2023

The most controversial change was the addition of the LLPA tied to a borrower’s debt-to-income ratio, which will charge a fee for borrowers with a DTI at 40% or higher. Their agenda of equity over equality defies common sense and will endanger the stability of the housing market. Andy Biggs (R-Ariz.),

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