Redfin

JULY 30, 2025

Key takeaways: First-time homebuyer: Anyone who hasn’t owned a primary residence in the past three years Common first-time homebuyer qualifications: Credit score, debt-to-income ratio, down payment, income limits, employment history, purchase limits, homebuyer education Buying your first home?

Debt-to-income ratio

The Mortgage Report

JULY 22, 2025

Getting Pre-Approved Down Payment Assistance Buying With Low Credit Buying With Low Income Buying With A Disability Who Has The Best Mortgage Rates? Things to consider: You’ll need to qualify for the loan on your own — your credit, income, and debt-to-income ratio all matter.

FHA 203k rehab loan

Redfin

MARCH 4, 2025

A 401(k) is a type of retirement savings account, where you elect a certain portion of your income to go into the account. The difference between these two accounts is that traditional 401(k) contributions are pre-tax, so youll be taxed once taking them out. How does withdrawing from a 401(k) affect mortgage approval?

Debt-to-income ratio

Rochester Real Estate

NOVEMBER 5, 2015

For example, if you use a bank for your loan you may already have a pre-existing relationship with them and they sometimes offer very competitive interest rates. Have you tried calling a bank on a Saturday night to get a pre-approval letter? These include improving credit and balancing your debt to income ratio.

Finance

Redfin

JULY 3, 2025

Some lenders may require a finalized divorce decree before approving a mortgage, as this document outlines debt and asset division, alimony, and more. These details directly impact your debt-to-income ratio , how much you afford and borrow. If you’re the one making those payments, they count as debt.

Debt-to-income ratio

Marco Santarelli

MARCH 20, 2025

Therefore, it's essential to carefully evaluate your potential savings and closing costs before making a decision. Debt-to-Income Ratio (DTI): Lenders assess your DTI to determine your ability to manage your debt obligations.

Mortgages

The Mortgage Report

JULY 16, 2025

Getting Pre-Approved Down Payment Assistance Buying With Low Credit Buying With Low Income Buying With A Disability Who Has The Best Mortgage Rates? Lender approval is required, and qualifying alone can be tough without solid income and credit. How Much Home Can I Afford? Check your refinance eligibility.

FHA 203k rehab loan

Housing Wire

JANUARY 20, 2021

To find a qualified lender, you need a good credit score and a good debt-to-income ratio, which is the percentage of a consumer’s monthly gross income that goes to paying down debt. Before you start searching for a lender, check your credit score and debt-to-income ratio.

Debt-to-income ratio

Realtor.com

NOVEMBER 11, 2022

Here are more step-by-step home-buying details, including information about down payments, closing costs, mortgage rates, pre-approved mortgages, and more. Step 2: Qualify for a home loan or loan pre-approval.

Pre-approval

Realty Biz

MARCH 9, 2021

Getting Pre-Approved for the Family Opportunity Loan. Getting a pre-approval letter from a lender for the Family Opportunity Loan is almost identical to getting approved for any conventional mortgage. The borrowers will need to present documents showing their income for the past 2 years.

Pre-approval

HomeLight

OCTOBER 22, 2021

It’s tough to say without a mortgage approval, but it always helps to start with a home affordability calculator. 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. How much are closing costs?

Pre-qualification

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. Defective paint surfaces in homes constructed pre-1978. of all mortgage originations. down payment. A leaking or worn out roof.

FHA loan

HomeLight

AUGUST 31, 2020

For example, “In my area, the Kentucky Housing Corporation offers several programs, like down payment and closing cost assistance,” says agent Gary Wantland of Bowling Green, Kentucky. You may have a preapproval, but a preapproval does not guarantee formal loan approval. down and a minimum credit score of 580.

Debt-to-income ratio

Realty Biz

JANUARY 19, 2024

This documentation will be necessary when applying for a mortgage pre-approval. If your credit score needs improvement, address any outstanding debts or errors in your credit report. It's advisable to reach out to multiple lenders and obtain pre-approval. Next, examine your credit score and history.

Debt-to-income ratio

Marco Santarelli

MARCH 3, 2025

The rate you actually receive will depend on several factors, including your credit score, down payment, debt-to-income ratio, and the specific lender you choose. Cons: Refinancing involves closing costs. It may take several years to recoup the costs through lower monthly payments.

Mortgages

HomeLight

DECEMBER 8, 2023

This equity is then used to provide you with the necessary funds to make a down payment and handle closing costs on your new home in Ohio. How a bridge loan unfolds: You can use the equity from your existing house to cover the down payment and closing costs of your new home.

Equity

Realty Biz

JULY 19, 2023

Obtain a pre-approval letter from lenders to understand your borrowing capacity. Consider community property and debt implications during the mortgage process. Obtaining a Pre-Approval Letter from Lenders Getting pre-approved for a mortgage is an essential step in the home-buying process.

Mortgages

HomeLight

OCTOBER 2, 2020

Buyers with lower credit scores and higher debt-to-income ratios are more likely to face overlays, especially when shopping at the very top of their price range. Overlays are lender-specific, so switching lenders may make sense if you’re worried about your loan not being approved. You may pay higher closing costs.

Closing

Redfin

AUGUST 29, 2024

However, there are a lot of things to learn about how to buy a house, like current mortgage rates, your credit score, home inspections, and closing costs. 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).

Earnest money deposit

Redfin

FEBRUARY 10, 2021

Have a Healthy Debt-to-Income Ratio (DTI). Another key component banks consider when issuing loans, is your debt-to-income ratio. The debt-to-income ratio is a lender’s way of comparing your monthly housing expenses and other debts with how much you earn. Closing costs*.

Debt-to-income ratio

Redfin

AUGUST 12, 2024

Additionally, VA loans have limited closing costs and no prepayment penalties. Income stability : Lenders prefer borrowers with a stable income and employment history. Documenting at least two years of consistent income can be crucial. What are the benefits of getting pre-approved for a mortgage?

Loans

Redfin

JULY 11, 2023

How does the mortgage pre-approval process work? Mortgage pre-approval is a crucial step in the homebuying process. Pre-approval provides a clear understanding of your budget and helps you focus your search on affordable homes. What are closing costs?

Pre-approval

HomeLight

MAY 31, 2021

One of the first things you’ll want to know is just how much house you can afford , which is based on your income, credit score, debt-to-income ratio (DTI), and savings amount (including your down payment). I had some clients a few years ago that had trouble qualifying because they had a lot of debt.

Mortgages

Redfin

SEPTEMBER 27, 2021

Shopping for a mortgage, you might encounter lenders who pre-qualify you for a higher loan amount than you expected. Many lenders work with standard debt-to-income ratio calculations which don’t take into account other costs of home ownership. Determine your debt to income ratio (DTI).

Debt-to-income ratio

Redfin

AUGUST 3, 2022

Here are the steps to determine how much house you can afford: First, determine your debt to income ratio (DTI). This is your monthly expenses versus your cash intake or the bills you pay divided by your gross monthly income. Debts include recurring bills, such as car payments, daycare payments, and student loans.

Purchase and sale agreement

Redfin

MAY 16, 2023

Various programs are available for first-time homebuyers in Maryland, including the 1st Time Advantage 5000 , which can assist with up to $5,000 in down payment and closing costs. Having a pre-approval letter in hand when you start your search shows sellers that you are a serious buyer and can afford the homes you are interested in.

Pre-approval

Redfin

MAY 3, 2023

Get pre-approved and secure your dream home Work with a lender to find the right loan for the home you love. Get pre-approved How does mortgage insurance work? As the borrower, you pay the cost of mortgage insurance each month, although you are actually paying to cover the lender.

Mortgages

Marco Santarelli

MARCH 24, 2025

Your Credit Score and Financial Situation: Lenders look at your credit score, debt-to-income ratio, and overall financial health to assess risk. Be Aware of Closing Costs: Factor in closing costs, which can include appraisal fees, title insurance, and other expenses. This can lead to higher rates.

Mortgages

HomeLight

AUGUST 16, 2021

Smaller issues like court judgments can also result in not getting your mortgage approved. Debts and expenses. To calculate your debt-to-income ratio or DTI, lenders will look at your recurring debts relative to your monthly income. Closing costs. Closing Disclosure.

Loans

HomeLight

NOVEMBER 13, 2024

You’ve already got the keys in your pocket and your shoes in the closet, but when you close you’ll officially be the homeowner. Make sure you’re prepared to pay the typical closing costs. While you rent, you can focus on paying down your debt. Here are some pros and cons to weigh.

Purchase and sale agreement

Redfin

JULY 3, 2023

Next, determine your budget and calculate how much you can comfortably afford, considering factors like down payment, closing costs, and monthly mortgage payments. Get pre-approved from a lender Securing a pre-approval when buying a home in Arizona can provide numerous advantages.

Pre-approval

Redfin

SEPTEMBER 14, 2023

Various programs are available for first-time homebuyers in Oregon , including the Oregon Bond Residential Loan Program Cash Advantage , which includes a grant of 3% of the total loan amount that can be used for closing costs assistance.

Pre-approval

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

Marco Santarelli

MAY 30, 2025

Debt-to-Income Ratio (DTI): Lenders want to see that you can comfortably afford your mortgage payments. Don't just look at the interest rate; consider the fees, closing costs, and overall terms of the loan. Make sure to get pre-approved. Your rate will depend on your individual circumstances.

Mortgages

HomeLight

JUNE 27, 2022

You’re choosing from pre-set finishes and you may get to choose paint colors, types of flooring , fixture finishes, and appliance packages. These allow you to choose a few paint colors and add-ons, but you will mostly get pre-built features that the builder has already decided on. Negotiate with the builder.

New Construction

Redfin

AUGUST 3, 2023

Get pre-approved from a lender Getting pre-approved from a lender is crucial when buying a house in Georgia, as it offers several significant advantages. Buyers typically can review and sign various closing documents, including the mortgage agreement, title deed, and other necessary paperwork.

Purchase and sale agreement

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. Get Pre-approved for a Mortgage: Before you start house hunting, get pre-approved for a mortgage.

VA loan