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. Work with that loan officer and their agent to understand what timeframes they’re comfortable with in an offer.

Pre-approval 59

Pre-approval Agents Pre-qualification Debt-to-income ratio 59

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. I had some clients a few years ago that had trouble qualifying because they had a lot of debt. Conventional.

Mortgages 60

Mortgages Debt-to-income ratio Loans Closing costs 60

HomeLight

JUNE 22, 2023

Debt-to-income ratio After looking at how much money is flowing into your household, you’ll want to write down your monthly debts. That’s because lenders will also look at your debt-to-income ratio, or DTI. That number will be your debt-to-income ratio.

Debt-to-income ratio 90

Debt-to-income ratio Mortgages FHA loan Loans 90

HomeLight

JANUARY 27, 2021

So understand that unless you’ve been earning 1099 income for more than two years, it may not help you qualify for a home loan. Some loans, like VA or USDA loans, even allow you to put 0% down. and 1% of your loan amount, annually. You don’t really need 20% down. Plus, it only costs between 0.5%

Closing costs 117

Closing costs Loans Inspection Earnest money deposit 117

HomeLight

OCTOBER 15, 2020

Many wishful homeowners would just keep on driving and try to forget that their dream home is on the market … but you know how to apply for a USDA loan, so you turn your car around and head home to do just that. These loans — like FHA and VA loans — are backed by the government. Among its attractive features?

Loans 84

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

Realtor.com

NOVEMBER 28, 2022

While there are a variety of mortgages aimed at helping homebuyers afford a home—such as FHA loans and VA loans —one type that’s often overlooked are USDA loans, which offer excellent terms to those who qualify, including a 0% down payment and low interest rates. What is a USDA loan? Types of USDA loans.

Loans 95

Loans Mortgages FHA loan Debt-to-income ratio 95

Realty Biz

JANUARY 19, 2024

Research different types of mortgages available, such as conventional, FHA, or VA loans. This will give you a better understanding of the loan amount you qualify for and the potential monthly payments. Many first-time home buyers have low credit scores and need help with high debt-to-income ratios.

Debt-to-income ratio 100

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

Redfin

FEBRUARY 10, 2021

Before applying for a loan and certainly before ever making an offer on a house, you should know your credit score. Well, it’s not only the difference between getting a low-interest rate on a home loan versus a high one, but it will also directly impact how much a bank or lender will loan you. Check Your Credit Score.

Debt-to-income ratio 75

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

HomeLight

JUNE 30, 2022

When shopping for lenders, compare first-time home buyer programs , lender requirements, interest rates, and loan terms to make sure you are getting a good deal. It is extremely rare for wiring instructions to change at the last minute, so if you receive new wiring instructions via email, call both your lender and escrow officer to verify.

Purchase and sale agreement 76

Purchase and sale agreement Inspection Earnest money deposit Closing costs 76

The Close

DECEMBER 29, 2022

Make sure clients who see an acceleration clause in their mortgage contracts understand that this allows their lender to demand repayment of the loan in full if they default on the loan. 4 Loan Questions Worth Asking. Basically, amortization is the preset schedule of mortgage loan payments, including interest, over time.

Purchase and sale agreement 97

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