article thumbnail

4 Crucial Questions To Ask Your Partner Before Buying a House Together

Realtor.com

If you haven’t done so already, now is the time for each of you to come clean about any debt you may have, since that can make or break your ability to get approved for a mortgage. One of the things mortgage lenders look at when you apply for a home loan is your debt-to-income ratio. Watch out for red flags.

article thumbnail

Vital Steps to Take When Purchasing Your First Home

Realty Biz

From three decades working as a Realtor, there are common denominators for first-time home buyers going through the purchase process with ease. This includes understanding the terminology, legal aspects, and financial considerations of purchasing a property. By following these steps, you can easily navigate the real estate market.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

These Rent-to-Own Homes Programs to Help You Get Into That House

HomeLight

This step includes a credit and background check, income verification documents, and requires an application fee. Buyers will need to meet Home Partners’ minimum FICO requirement, which varies by market, and a maximum debt-to-income ratio (DTI) of 45% to be approved. Source: (Roger Starnes Sr / Unsplash).

article thumbnail

What You Need to Buy a House in 2021

Redfin

Later in the year, the worst of the pandemic will hopefully be behind us, and as businesses reopen and daily activities become safer, a new batch of homebuyers and sellers will enter the housing market, making for the strongest year of home sales since 2006. ”. There is a shortage of homes for sale. We’re in a seller’s market.

article thumbnail

Here’s How to Apply for a USDA Loan in 9 Doable Steps

HomeLight

is for sale. 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.

Loans 83
article thumbnail

21 Dos and Don’ts When Buying a Home

HomeLight

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. These events may not necessarily prevent you from buying a house, but there may be a time limit required from the time the event happened until you can purchase a home with a mortgage.

article thumbnail

Home Buying Checklist: A Survival Guide for Buyers

Redfin

Homeownership offers stability and a sense of security and safety, but the process of making the biggest purchase of your life can seem overwhelming. Here are the steps to determine how much house you can afford: First, determine your debt to income ratio (DTI). Save for a down payment.