Broke Agent Media

JANUARY 9, 2023

The Federal Housing Finance Agency (FHFA) increased conforming loan limits to $1,089,300 in some high-cost markets, making them more accessible to buyers. According to a new analysis by Zillow Home Loans , recent updates to conforming loan limits mean over two million U.S. Zillow Home Loans Senior Economist.

Loans 98

Loans Debt-to-income ratio Finance Loan Officer 98

Broke Agent Media

JANUARY 9, 2023

The Federal Housing Finance Agency (FHFA) increased conforming loan limits to $1,089,300 in some high-cost markets, making them more accessible to buyers. According to a new analysis by Zillow Home Loans , recent updates to conforming loan limits mean over two million U.S. Zillow Home Loans Senior Economist.

Loans 52

Loans Debt-to-income ratio Finance Loan Officer 52

HomeLight

SEPTEMBER 21, 2022

You’ll also need to determine how much you can realistically charge in rent while still being able to pay your current mortgage — especially if you plan on taking out an additional mortgage on your new place. If not, then it’s all considered debt, and they won’t let you calculate any of the rental income as income,” she says.

Debt-to-income ratio 102

Debt-to-income ratio Loans Equity Loan Officer 102

Redfin

APRIL 25, 2022

There’s no doubt that one of the most important and often daunting steps in the homebuying process is qualifying for a mortgage. By understanding what lenders look for – the four C’s of credit – you can set yourself up for success and a smooth-sailing mortgage underwriting process. What are the four C’s of credit?

Mortgages 65

Mortgages Debt-to-income ratio Loans Banks 65

HomeLight

OCTOBER 15, 2020

You’ve worked hard to improve your credit score , pay down your debts, and save up for a healthy down payment. Finally, you’re ready to buy that dream home and tackle this whole mortgage thing once and for all. What’s a conventional loan? Most homebuyers get a conventional loan. Most buyers use conforming loans.

Loans 95

Loans FHA loan Debt-to-income ratio VA loan 95

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. How much mortgage do I qualify for? What type of home loans do you offer? Conventional.

Mortgages 58

Mortgages Debt-to-income ratio Loans Closing costs 58

Redfin

MARCH 3, 2022

Financing issues. Unless you’re submitting an all-cash offer, you’ll need to obtain financing to purchase your home. By far, one of the biggest nightmares is that the mortgage falls through on the closing day. With that said, it’s recommended to work with a knowledgeable, local mortgage broker. “A

Closing 62

Closing Title search Purchase and sale agreement Title 62

HomeLight

JUNE 22, 2023

All of these things are stressful and confusing, but you’d be surprised by how many people struggle with the mortgage process. And they need answers to their mortgage questions. As a first-time homebuyer, you’re likely among the 85% of buyers who will apply for a home mortgage instead of paying cash.

Debt-to-income ratio 86

Debt-to-income ratio Mortgages FHA loan Loans 86

Housing Wire

AUGUST 27, 2021

The story, “The secret bias hidden in mortgage-approval algorithms,” included statements from fair housing activists who concluded that there is “systemic racism” in the mortgage process. Obviously to anyone in the business that’s a big deal given that FICO is a threshold data point that determines eligibility for a mortgage.

Debt-to-income ratio 407

Debt-to-income ratio Purchase and sale agreement Pre-approval Loans 407

Realtor.com

NOVEMBER 11, 2022

Real estate agents agree that long before you peruse listings or check out open houses, you should talk to a lender about your credit score, so that you can secure a mortgage. Here are more step-by-step home-buying details, including information about down payments, closing costs, mortgage rates, pre-approved mortgages, and more.

Pre-approval 131

Pre-approval Pre-qualification Debt-to-income ratio Loan Officer 131

HomeLight

JANUARY 27, 2021

But there’s so much to keep track of along the way: hiring an agent, getting a mortgage, making offers, and closing the deal. Home financing. Getting a mortgage can be a stressful and frustrating process. Here are a few tips to get ahead of the game and mortgage like a champ! and 1% of your loan amount, annually.

Closing costs 117

Closing costs Loans Inspection Earnest money deposit 117

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. In contrast, home appraisals are ordered up only when a house sells and is financed with a mortgage, or when an owner chooses to refinance.

Debt-to-income ratio 404

Debt-to-income ratio Mortgages Loan Officer Loans 404

Realty Biz

JANUARY 19, 2024

Interviewing and selecting a buyer's agent and choosing a mortgage lender and real estate attorney are vital steps. Let's start with some detailed information and actionable tips on financing. It's crucial to clearly understand your financial health before getting a mortgage. Let's get started on your path to homeownership.

Debt-to-income ratio 100

Debt-to-income ratio Pre-approval Purchase and sale agreement Inspection 100

HomeLight

SEPTEMBER 1, 2022

Student loan debt doesn’t make it impossible to live out your dream of homeownership; it just makes it a bit more difficult because of its impact on your debt-to-income ratio (DTI), credit score, and down payment savings. Looking to purchase a home in the near future, despite having student loan debt?

Debt-to-income ratio 79

Debt-to-income ratio Loans FHA loan Equity 79

Realtor.com

NOVEMBER 28, 2022

Getty Images With mortgage interest rates near 7% and home prices hovering at a national median of $425,000, many homebuyers might be wondering how they’ll be able to pay for a property, and searching for ways to reduce costs. Here’s everything you need to know about USDA loans, and whether they’re right for you.

Loans 95

Loans Mortgages FHA loan Debt-to-income ratio 95

Realtor.com

APRIL 8, 2021

While these programs are geared toward home buyers with low or moderate income, many may qualify who might not realize they do—so it’s definitely worth checking out if you’re stressed about making those monthly mortgage payments. CalHFA’s first-time home buyer loan programs. CalHFA home buyer requirements.

Debt-to-income ratio 95

Debt-to-income ratio Closing costs Loans FHA loan 95

HomeLight

OCTOBER 15, 2020

For a USDA loan, you should have a minimum FICO score of 640. While the USDA does not designate a minimum credit score, lenders will have a minimum requirement of typically 640,” explains mortgage loan officer Jane Hammond. Many lenders are qualified to offer USDA loans. Submit the loan application.

Loans 84

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

Redfin

FEBRUARY 10, 2021

In early 2021, homebuyers will remain undeterred by the pandemic, eager to take advantage of sub-3% mortgage rates while they last. Unless you want to pay Private Mortgage Insurance (PMI), you want to save up for a sizable down payment. Money that is not going against the principal of your mortgage. Save Up For a Down Payment.

Debt-to-income ratio 75

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

HomeLight

JUNE 30, 2022

You will want to know where you stand so you can get ahead of any potential issues and create a plan for improvement before applying for a mortgage. For example, it may be worth strategically paying down some of your debt or disputing any errors on your credit report before purchasing a home. Line up financing.

Purchase and sale agreement 73

Purchase and sale agreement Inspection Earnest money deposit Closing costs 73

HomeLight

JUNE 30, 2021

You’ve spent months scouring home listings, visiting open houses, discussing floor plans, lot sizes, neighborhood amenities, and most importantly — calculating out your expected taxes, insurance costs, and ideal monthly mortgage payment down to the nearest penny. Is your HOA fee covered in your mortgage? What is an HOA?

Mortgages 63

Mortgages Debt-to-income ratio Loans Due diligence 63

HomeLight

OCTOBER 11, 2021

Borrowing limits for FHA loans aren’t the same across the country; they’re based on your county. This allows buyers who live in more expensive housing markets to still get a mortgage on a house. For most counties in the United States, the FHA loan limit is $356,362, but in more expensive areas, the limit can go as high as $822,375.

FHA loan 79

FHA loan Loans Debt-to-income ratio Closing costs 79

HomeLight

SEPTEMBER 8, 2020

There are a lot of costs you have to worry about, such as the down payment , closing costs , your monthly mortgage amount , and more. If you expect to pay between 3% (the minimum for a down payment) to 6%, then some of your options include an FHA loan, a Fannie Mae HomeReady loan, or a conventional loan.

Closing costs 89

Closing costs Inspection Debt-to-income ratio Title 89

HomeLight

AUGUST 31, 2021

Instead, it insures mortgages made by lenders. The FHA backing lets lenders offer easier credit terms than non-FHA loans. FHA loans are especially important for first-time buyers. In 2020, only about 10% of all home loans were FHA-backed, according to the agency’s annual report. Adequate income. Forgivable loans.

FHA loan 84

FHA loan Loans Debt-to-income ratio Banks 84

The Close

DECEMBER 29, 2022

Furthermore, in today’s market, understanding our complex mortgage industry could actually help you close more deals and maybe even save clients money. So we’ve included a handy download with questions your clients should ask their mortgage broker. Adjustable-rate mortgage (ARM). Assumable mortgage. Acceleration clause.

Purchase and sale agreement 97

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

Housing Wire

MAY 2, 2023

A coalition of fiscal officers from 27 state governments called on the Biden administration and the Federal Housing Finance Agency (FHFA) to scrap the loan-level pricing adjustment (LLPA) fee changes that went into effect on May 1. Andy Biggs (R-Ariz.), introduced a bill that aims to block changes in the LLPA fees.

Debt-to-income ratio 404

Debt-to-income ratio Loan Officer FHA loan Loans 404