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

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 31, 2025

If you’re unsure where to start, check with HUD-approved counseling agencies, non-profit organizations, and local housing authorities to find available courses. Build an emergency fund An emergency fund is a cash reserve designated for emergencies and other uncommon expenses. These require just 3.5%

Purchase and sale agreement

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

Redfin

MARCH 5, 2025

Review your savings for your down payment , monthly income, and potential loan options to set a realistic price range. Maintaining a low debt-to-income ratio and a strong credit score can also enhance your eligibility for favorable mortgage terms. The 28/36 rule is a common mortgage budgeting guideline.

Debt-to-income ratio

Housing Wire

MAY 24, 2024

If you’re considering buying a home but worry that student debt will prevent you from securing a mortgage, you’ll need to be strategic about your approach to increase the probability of your application getting approved. Student loan debt may affect your home-buying goals in a few key ways.

Debt-to-income ratio

Realty Biz

AUGUST 20, 2023

Mortgage pre-approval is an essential step when buying a house. During pre-approval, lenders carefully evaluate your financial information, including income, assets, credit history, and other relevant details. How long it takes for lenders to give mortgage pre-approval can vary from a day to a week.

Pre-approval

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. An official FHA loan appraiser must conduct the appraisal, following HUD’s designated guidelines. of all mortgage originations.

FHA loan

HomeLight

AUGUST 31, 2020

Don’t let the name fool you: areas designated for Rural Development loans can be closer to cities than you might expect. You may have a preapproval, but a preapproval does not guarantee formal loan approval. For example, pre-pandemic, an FHA loan could be secured with 3.5% down and a minimum credit score of 580.

Debt-to-income ratio

HomeLight

NOVEMBER 16, 2021

Through the Home Partners program, prospective rent-to-own homebuyers start by filling out a pre-qualification application. If approved, they move to submit a full application. This step includes a credit and background check, income verification documents, and requires an application fee.

Purchase and sale agreement

HomeLight

OCTOBER 27, 2020

These rules are designed to create a standard for documenting and verifying a borrower’s financials that creates a presumption that the borrower can afford the loan they have applied for. Not only does paying off your debt increase your credit score, but lenders will also want to see that you have a low debt-to-income ratio.

Debt-to-income ratio

Realty Biz

SEPTEMBER 30, 2023

They can help you navigate the mortgage process and identify suitable options based on your financial situation and provide you with a pre-approval. Tougher loan approval: Lenders may be hesitant to approve a mortgage application from someone with a low credit score.

Finance

Realtor.com

AUGUST 26, 2020

The Mortgage Bankers Association’s Mortgage Credit Availability Index, designed to gauge access to a variety of mortgage products, shows consumer access to home loans fell about 17% between March and July. Many have raised minimum credit scores and lowered maximum debt-to-income ratios.

Loans

HomeLight

DECEMBER 8, 2023

It’s designed for homeowners like you who are in the midst of transitioning from your current home to a new one. The temporary debt juggling act: A key factor in the bridge loan process is your debt-to-income ratio (DTI). What is a bridge loan, in simple words?

Equity

Redfin

AUGUST 12, 2024

These loans are designed for higher-value properties and come with stricter requirements, including strong credit, larger cash reserves, and higher down payments. Department of Agriculture and are designed to promote homeownership in rural areas. Income stability : Lenders prefer borrowers with a stable income and employment history.

Loans

HomeLight

AUGUST 31, 2021

The Section 203(k) program, by contrast, is specifically designed to provide funds to both buy and renovate, upgrade, and repair a home. Only lenders that have been approved by the FHA can offer 203(k) loans. All repairs must be planned, specified, and approved in advance. What’s a 203(k) loan? You must be able put at least 3.5%

Loans

Redfin

JULY 11, 2023

A mortgage is a loan specifically designed for purchasing a property, commonly a home. 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.

Pre-approval

HomeLight

OCTOBER 2, 2020

The pandemic increased the potential risk of lending, which translated to more overlays, or requirements designed to protect lenders for riskier loans. 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.

Closing

Marco Santarelli

JULY 22, 2025

These are often teaser rates designed to grab your attention. The fine print usually reveals that these rates require: Paying points upfront (essentially, pre-paying interest) An ultra-high credit score A smaller-than-typical loan amount The actual rate you qualify for will depend on your individual financial situation.

Mortgages

Marco Santarelli

JULY 10, 2024

This is significantly higher than the pre-pandemic rates, which hovered around 3-4%. Possibility of Faster Approval Process: The terms and rates are already established, potentially leading to a quicker approval process. USDA Loans: Designed for rural property buyers and are also assumable.

Pre-qualification

Marco Santarelli

MAY 29, 2025

Your Financial Profile: Your credit score, income, debt-to-income ratio, and the size of your down payment all play a significant role in determining your mortgage rate. These are often “teaser rates” designed to grab your attention. Be careful!

Mortgages

HomeLight

OCTOBER 29, 2021

You can go through your household items and sell them on various sites like eBay, or set up shop on one of the many used clothing sites, such as Poshmark or Tradesy (think of that designer outfit you bought and wore exactly once…). This is known as your debt-to-income ratio (DTI).

Inspection

HomeLight

JUNE 30, 2021

USDA loans can only be used to buy homes in designated locations, which typically cover rural and some suburban areas. Combined household income can’t exceed more than 115% of the median family income in the designated rural area where you want to buy. Here are two zero down payment options for qualifying buyers.

VA loan

The Close

DECEMBER 29, 2022

If your clients are concerned about getting approved for a loan, you can remind them that a co-borrower agrees to back the borrower in a mortgage loan. Debt-to-income ratio (DTI). Pre-approval. However, your clients need to know the difference between pre-approval and prequalification (see below).

Purchase and sale agreement

Marco Santarelli

AUGUST 24, 2024

Pre-Approval is Crucial: Understanding your budget helps streamline your home search and secures competitive offers. This situation can result from multiple factors, such as late payments, high debt-to-income ratios, or even prior bankruptcy or foreclosure.

Loans