Redfin

MARCH 3, 2022

From appraisal issues to home inspection roadblocks, there’s a lot that can go awry before finally closing on your property. For example, a termite inspection could show that there is damage that’ll require major repairs or the appraisal value of the home comes in lower than the price you offered on the home.

Closing 63

Closing Title search Purchase and sale agreement Title 63

HomeLight

SEPTEMBER 8, 2020

They fell in love with a home and rushed into buying, heedless of whether it was outside of their price range or maybe ignoring issues found during the inspection. The Freddie Mac Home Possible loan is designed for buyers with lower credit scores. You aren’t allowed to inspect the property beforehand.

Closing costs 88

Closing costs Inspection Debt-to-income ratio Title 88

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. Hammond suggests working with a loan officer who works for a mortgage broker.

Loans 82

Loans Purchase and sale agreement Loan Officer Debt-to-income ratio 82

HomeLight

JULY 29, 2022

This can radically alter their debt-to-income ratio and jeopardize the whole deal. If you can’t secure new employment swiftly, you might be able to add a cosigner to your loan and count that person’s income toward your purchase. Talk to your agent and loan officer about these options.

Closing 102

Closing Purchase and sale agreement Title Home sale contingency 102

HomeLight

JUNE 30, 2022

Get a property inspection. It’s always recommended to get a home inspection. Even in a competitive housing market, where buyers are waiving inspection contingencies , it’s always a good idea to get an inspection so you know what exactly is wrong with the house before you take ownership.

Purchase and sale agreement 72

Purchase and sale agreement Inspection Earnest money deposit Closing costs 72

HomeLight

OCTOBER 11, 2021

She advises having a loan officer run an estimate based on your home budget when deciding where to look for homes. How much income do you earn relative to your debts? With FHA loans, your debt-to-income ratio will be taken into consideration. How many years will you have the loan?

FHA loan 77

FHA loan Loans Debt-to-income ratio Closing costs 77

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 58

Mortgages Debt-to-income ratio Loans Closing costs 58

The Close

DECEMBER 29, 2022

A contingency might be the buyer selling their current house, requiring certain repairs to be made, or obtaining a clean termite inspection. Don’t you love it when the co-borrower is the client’s dad who comes along on the inspection and is suddenly an expert on chimney engineering? Debt-to-income ratio (DTI).

Purchase and sale agreement 98

Purchase and sale agreement Title Proof of funds Pre-approval 98

HomeLight

JANUARY 27, 2021

You can usually shop around for the home inspection , title and settlement services, and home insurance. Also, lender fees — which can add up to 3% onto the loan amount — are entirely at the lender’s discretion. This can cause issues if there are errors on your application or if there’s something the loan officer missed.

Closing costs 114

Closing costs Loans Inspection Earnest money deposit 114