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What’s the First Step in Buying a Home? Your Answer Here

Realtor.com

monkeybusinessimages/iStock No, it’s not leaping into buyer mode by picking out a real estate agent who has pretty homes, setting up a home inspection, and then moving in your sectional couch. Step 2: Qualify for a home loan or loan pre-approval.

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How to Choose a Lender For Your Real Estate Team

McKissock

Maybe they made a new purchase and their debt to income ratio is too high. Or maybe the underwriter feels that their income and credit score isn’t high enough. These are all situations that have happened to many real estate agents, buyers, and sellers time and time again. That is what it is all about!

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Answering Your Top Questions About Home Affordability Calculators

HomeLight

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?

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Am I A First-Time Homebuyer? Who’s Qualified … And Who Isn’t

HomeLight

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). For example, pre-pandemic, an FHA loan could be secured with 3.5% down and a minimum credit score of 580.

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How to best serve Hispanic homebuyers

Real Trends

Agents in these markets can prepare for the influx of Latino homebuyers in the coming years. Being “mortgage ready,” is a combination of factors including debt-to-income ratios, credit scores and downpayment savings. Your buyers may or may not have their mortgage pre-qualification or pre-approval letters yet.

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

HomeLight

We examined a range of programs for you to explore and consulted an experienced agent to help you understand what’s available and whether it’d be a good fit for you. Through the Home Partners program, prospective rent-to-own homebuyers start by filling out a pre-qualification application. Source: (Jonathan Francisca / Unsplash).

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Do I Need To Provide My Tax Returns To Buy a House? Your Questions Answered

HomeLight

Lending qualifications remain the same whether you’re self-employed or have a W-2, says Sanchez. You don’t need to put more down or have a higher credit score” just because you’re self-employed, so long as you can meet the income documentation for a QM loan, which may require those tax returns. Step 6: Get pre-approved for a loan.