Housing Wire

MAY 7, 2025

Ive had clients come in looking to restructure their debt some are refinancing personal loans or extending their car loan terms just to make room in their monthly budget for the reinstated student loan payments. King is concerned that borrowers who missed payments will have unrealistic expectations about their mortgage qualifications.

Loans

Housing Wire

MAY 25, 2022

In a housing market vastly different from the pre-pandemic period, how can industry professionals position themselves to achieve growth despite these current obstacles? More people are diversifying their income streams and opting to work for themselves or through real estate investments.

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 1: Why financing is the key to buying a new home. Step 1: Why financing is the key to buying a new home. Step 2: Qualify for a home loan or loan pre-approval.

Pre-approval

HomeLight

OCTOBER 22, 2021

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. Debts: How much of your income is going toward monthly minimum debt payments? Source: (Joshua Hoehne / Unsplash). What’s the 28/36 rule?

Pre-qualification

Realty Biz

SEPTEMBER 30, 2023

Let's delve deeper into these topics to guide you towards an affordable home financing solution. They can help you navigate the mortgage process and identify suitable options based on your financial situation and provide you with a pre-approval. Get pre-approved: Before house hunting, consider getting pre-approved for a mortgage.

Finance

HomeLight

AUGUST 31, 2020

VA loans also offer even more benefits, like better interest rates and less strident qualifications — but as the name indicates, they are only available to current military members or veterans (or their spouses). USDA Rural Development loans also allow for 100% financing (or 0% down). down and a minimum credit score of 580.

Debt-to-income ratio

Realty Biz

DECEMBER 12, 2022

There is quite a bit to know about financing the purchase of a home. Mortgage Pre-Approval and Pre-Qualification Are Not The Same. Stay Comfortably Within Your Debt-to-Income Ratio. One of the most important things lenders look at when granting mortgages is a borrower's debt-to-income ratio or DTI.

Debt-to-income ratio

Windemere Buying

JUNE 7, 2021

Getting pre-approved is a great first step for buyers, but there can be a number of hurdles in the process. Pre-approval is broken down into two steps: pre-qualification and pre-approval. Image Source: Getty Images 5 Mistakes to Avoid After Pre-Approval Being pre-approved doesn’t mean buyers are all set.

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. Dill shares that it’s only a myth that FHA-backed offers are by default weak offers: “They are strong and well-qualified buyers with steady income.

FHA loan

HomeLight

DECEMBER 8, 2023

The temporary debt juggling act: A key factor in the bridge loan process is your debt-to-income ratio (DTI). Your lender will determine this ratio through an equation that involves the payments on your existing mortgage, the payments for the new house, and any interest-only payments on your bridge loan.

Equity

HomeLight

OCTOBER 27, 2020

It’s a mortgage that follows rules set out by the Consumer Finance Protection Bureau (CFPB) under the Dodd-Frank Act of 2011. Lending qualifications remain the same whether you’re self-employed or have a W-2, says Sanchez. Before you buy a home, you should pay off as much of your debt as possible.

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. This step includes a credit and background check, income verification documents, and requires an application fee. If approved, they move to submit a full application.

Purchase and sale agreement

Marco Santarelli

SEPTEMBER 30, 2023

However, it is important to note that interest rates can vary depending on a number of factors, including the loan amount, loan term, and the borrower's debt-to-income ratio. Get pre-approved for a mortgage before you start shopping for a home. Borrowers with a credit score of 680 and a down payment of at least 3.5%

FHA loan

BAM Media

JULY 2, 2024

It’s an acronym that provides a framework for conversations around buyer qualification. I’m not a big fan of asking, “ Hey, are you pre-approved ? If they say no, and they’ve been pre-approved with enough cash to put down, great! So, today is all about that roadmap—and all the questions you should be asking.

Pre-approval

HomeLight

JULY 30, 2021

The seller can determine the terms of the option, which may or may not include a pre-set purchase price for the home. A mortgage lender will still want buyers to meet all the standard qualification requirements, including adequate credit, employment, and debt-to-income ratio. Lease-purchase agreements.

Purchase and sale agreement

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

AUGUST 29, 2024

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). DTI is calculated by dividing total monthly debts by gross monthly income. The number is then multiplied by 100 to get the final percentage.

Earnest money deposit

Windemere Buying

OCTOBER 18, 2021

Not getting pre-approved Getting pre-approved is a key component of the early stages of the buying process and will help to maximize your chances of getting your offer accepted. Because new credit changes your debt-to-income ratio, lenders will likely want to review your mortgage approval and your risk of non-payment.

Pre-approval

Marco Santarelli

JULY 10, 2024

This is significantly higher than the pre-pandemic rates, which hovered around 3-4%. VA Loans: Assumable, especially attractive for veterans and active military personnel, with necessary VA qualifications. Qualification Requirements: Meeting stringent lender criteria.

Pre-qualification

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. Shop around for your mortgage.

New Construction

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. Easier Qualification: No-money-down mortgages often come with less stringent qualifying requirements compared to traditional mortgages.

VA loan

HomeLight

MARCH 17, 2021

If you decide buying is a good financial move for you, it’s time to dig into your finances. While you’ll find lots of ways to ballpark your housing budget, the real determiner will be your debt-to-income ratio , or DTI. Pre-qualification is just an estimate of what size loan you might qualify for.

Pre-approval

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. A short-term loan that covers the cost to build a property until the owner can secure long-term financing. Debt-to-income ratio (DTI). Construction loan. Contingency. Down payment. Related Article.

Purchase and sale agreement

Marco Santarelli

APRIL 6, 2025

Its important to note that specific lender rates may vary based on individual qualifications and market conditions. Low Debt-to-Income Ratios : A lower debt-to-income ratio indicates financial stability. 20-Year Fixed 6.01 15-Year Fixed 5.72 5/1 Adjustable Rate 6.48 7/1 Adjustable Rate 6.42

Debt-to-income ratio