Housing Wire

APRIL 25, 2022

In Spokane, Washington, a mortgage loan officer at a regional bank has seen five borrowers qualify for a mortgage for one amount, only to have that number slashed a few months later. The reason behind the change, he said, is not that they had a sudden reduction in income, or an emergency expense that drained their savings.

Debt-to-income ratio 404

Debt-to-income ratio Mortgages Loan Officer Loans 404

HomeLight

JANUARY 27, 2021

Home financing. A lender with a local presence will likely know the ins and outs of your market better than a big bank, and they’ll have local relationships that will make closing your deal easier. This gives both you and the seller more peace of mind that the deal will close and financing won’t hold things up.

Closing costs 117

Closing costs Loans Inspection Earnest money deposit 117

HomeLight

OCTOBER 15, 2020

If you’re a would-be homebuyer searching for a home in a rural or even suburban area, you could potentially qualify for a United States Department of Agriculture (USDA) loan. These loans — like FHA and VA loans — are backed by the government. You can get a USDA loan with no money down on the house. Get preapproved.

Loans 84

Loans Purchase and sale agreement Loan Officer Debt-to-income ratio 84

HomeLight

JUNE 30, 2022

You also want to check your FICO score, as this is what the majority of lenders use ; you can often get your FICO score for free if your banking institution provides it, but otherwise you might have to pay for this service. Line up financing. It’s important to line up financing well in advance of when you want to start making offers.

Purchase and sale agreement 72

Purchase and sale agreement Inspection Earnest money deposit Closing costs 72

Redfin

FEBRUARY 10, 2021

Well, it’s not only the difference between getting a low-interest rate on a home loan versus a high one, but it will also directly impact how much a bank or lender will loan you. Banks like to see a healthy savings account and other investments or assets (i.e. Have a Healthy Debt-to-Income Ratio (DTI).

Debt-to-income ratio 75

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

HomeLight

SEPTEMBER 8, 2020

The Freddie Mac Home Possible loan is designed for buyers with lower credit scores. There are also other loans available for buyers with low credit scores, which your loan officer can share with you. Shop with a variety of lenders, such as credit unions, big banks, and online lenders.

Closing costs 88

Closing costs Inspection Debt-to-income ratio Title 88

HomeLight

AUGUST 31, 2021

First-time borrowers like FHA loans because they are easier to qualify for and let borrowers make lower down payments than some other financing options. You don’t have to be a first-time homebuyer to take advantage of FHA,” says Richie Helali, HomeLight Home Loan’s mortgage sales leader. Adequate income. Bank of America.

FHA loan 84

FHA loan Loans Debt-to-income ratio Banks 84

HomeLight

JUNE 30, 2021

How does it factor into your overall debt-to-income ratio ? These volunteers then elect a residential board of directors to oversee managing the community’s finances, keeping up on maintenance, collecting dues, and enforcing rules. If it’s not, you won’t be able to get financing with that type of financing.”.

Mortgages 63

Mortgages Debt-to-income ratio Loans Due diligence 63

The Close

DECEMBER 29, 2022

This works in your client’s favor if they are collecting on investments, but against them when applied to debt. Construction loan. A short-term loan that covers the cost to build a property until the owner can secure long-term financing. This allows the borrower to avoid personal liability for the remaining unpaid debt.

Purchase and sale agreement 97

Purchase and sale agreement Title Proof of funds Pre-approval 97