HomeLight

MARCH 9, 2023

While the situation seems dire for low-income families or families of color, there is help. So it’s a great time to be a first-time homebuyer,” explains New Jersey real estate agent Chiquita Pittman , a first-time homebuyer specialist with 25 years of experience. Hispanic 51.5%

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Loans Debt-to-income ratio VA loan FHA loan 96

HomeLight

MARCH 28, 2022

In an area with higher home prices, you may need a bigger down payment (though you could qualify for a zero-down Veterans Affairs loan ), plus your closing costs will likely be higher. If you’re planning on using a VA loan, how does that impact affordability ? The VA funding fee can increase every time you use your VA loan.

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VA loan Loans Debt-to-income ratio Closing costs 104

HomeLight

OCTOBER 22, 2021

Debts: How much of your income is going toward monthly minimum debt payments? Examples include credit card and student loan debt and your car payment. DTI ratio: Your debt-to-income ratio is a big deal for lenders. How much can I afford with a VA loan?

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Pre-qualification Pre-approval VA loan FHA loan 111

HomeLight

MAY 26, 2021

Chiquita Pittman is an experienced agent in New Jersey who works with 7 more townhomes and 21 more condos each year than the average agent in her area. Then a Veterans Affairs loan is probably going to be your best bet. The VA either guarantees the loan or lends directly so that you don’t have to put anything down on a house.

Debt-to-income ratio 111

Debt-to-income ratio Closing costs VA loan Loans 111

Point2Homes

JULY 5, 2021

Although the USDA doesn’t set a minimum credit score for the loan, the private lenders who issue the loans do. On average, the lowest credit score figure required by lenders for USDA-backed loans is 640. A VA loan is backed by the U.S. Department of Veterans Affairs (VA) and issued through private lenders.

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FHA loan Mortgages Debt-to-income ratio VA loan 103

HomeLight

JUNE 21, 2023

“A lot of times, these are first-time homebuyers who are wanting to purchase a home, but the extra $6,000 to $8,000 in closing costs can be the difference between them being able to really qualify for the home,” says Jon Baird , an agent based in Chico, California, who specializes in single-family homes. Program highlights Buyers save 0.7%

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Loans Debt-to-income ratio FHA loan Closing costs 98

HomeLight

NOVEMBER 16, 2021

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. 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.

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Purchase and sale agreement Pre-approval Debt-to-income ratio Pre-qualification 104

Realty Biz

JUNE 15, 2022

Department of Veterans Affairs (VA) loan. Check with your loan officer to see if you qualify for any first-time buyer programs. Student Loan Debt Must Be Paid off. The notion that you must be free and clear of student loans in order to qualify for a mortgage simply isn’t the case.

Debt-to-income ratio 98

Debt-to-income ratio VA loan Fixed-rate mortgage Loans 98

Realty Biz

JANUARY 19, 2024

Interviewing and selecting a buyer's agent and choosing a mortgage lender and real estate attorney are vital steps. Research different types of mortgages available, such as conventional, FHA, or VA loans. Many first-time home buyers have low credit scores and need help with high debt-to-income ratios.

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

HomeLight

DECEMBER 30, 2021

We’re breaking down some of the most common questions about first-time home buyer loans with expert help from Richie Helali, a HomeLight Home Loans mortgage specialist. A debt-to-income ratio under 43%. Reliable income with proof of employment. VA Native American Direct Loan. Qualifying U.S.

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Loans FHA loan Debt-to-income ratio VA loan 98

Marco Santarelli

NOVEMBER 19, 2024

There are some requirements that both the buyer and seller need to meet, but these are generally less stringent than with conventional loans. VA Loans: These are government-backed mortgages guaranteed by the Department of Veterans Affairs. VA loans are also assumable, with similar requirements to FHA loans.

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Debt-to-income ratio FHA loan Mortgages VA loan 52

HomeLight

FEBRUARY 12, 2021

Still, you need to know that the FHA has specific property and financial requirements that sellers need to meet in order for their buyer’s loan to close. For example, FHA loan borrowers can qualify for a mortgage with a credit score as low as 500 with a 10% down payment, or 580 or above with a 3.5% down payment.

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FHA loan Loans Pre-approval Pre-qualification 111

HomeLight

JULY 31, 2020

One note: During riskier loan environments, such as during a recession, lenders will often protect themselves by increasing the standards required to get a mortgage loan. Conventional loans were more likely to have a 20% down payment, and VA loans averaged just 2% down. Image Source: (Shutterstock.com/SeaRick1).

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Debt-to-income ratio Loans Equity VA loan 96

Redfin

FEBRUARY 10, 2021

Buyers should ask their real estate agent about their local market and advice on making offers competitive. However, there are other types of home loans, such as FHA-backed loan, Conventional and VA loans if you have served in the military and qualify, that may allow you to put down less than twenty percent while avoiding PMIs altogether.

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Debt-to-income ratio Pre-approval Inspection Loans 76

HomeLight

SEPTEMBER 30, 2020

That’s because your lender is looking at what you pay in debts each month relative to your income. If you don’t have a great lender in mind, your real estate agent can give you some trustworthy options.”. Once you connect with a good lender, find out what your loan options are.

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FHA loan Pre-approval Debt-to-income ratio Inspection 88

HomeLight

DECEMBER 31, 2020

For example, if you are a service veteran, you may be eligible for a zero-down loan backed by the Department of Veterans Affairs ( a VA loan ). Otherwise, barring a specialized loan or down payment assistance program, you’re generally looking at making some sort of down payment. Down payments and debt-to-income ratio.

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Mortgages VA loan Debt-to-income ratio Loans 94

HomeLight

DECEMBER 30, 2021

Your loan may only require a 3.5% Real Estate Agent. Real Estate Agent at Keller Williams Grand Rapids. An experienced, trustworthy mortgage lender will review your financial situation and help you determine which types of loans and loan programs will best suit your needs. Mike Smallegan. Mike Smallegan.

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VA loan FHA loan Loans Closing costs 98

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. VA loan: Backed by the U.S.

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Earnest money deposit Purchase and sale agreement Pre-approval Debt-to-income ratio 63

Redfin

APRIL 7, 2023

To help you get started, we turned to some of Redfin’s top Partner Agents in San Diego to help you navigate the process with confidence. 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.

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

HomeLight

NOVEMBER 29, 2021

William Hagan , a New Jersey agent who typically sells homes more than 40% faster than the average agent in his area, warns that even a 20% down payment may not be enough to win a bidding war in the 2021 sales market. “In Veterans Administration loans. Real Estate Agent. Real Estate Agent at eXp Realty.

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Land Closing costs Purchase and sale agreement Loans 110

HomeLight

JANUARY 27, 2021

But there’s so much to keep track of along the way: hiring an agent, getting a mortgage, making offers, and closing the deal. We tapped the expertise of top Illinois real estate agent Jen Ortman , who walked us through some of her best advice for buyers. Hiring an agent. Hiring an agent is a big deal. And the best part?

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Closing costs Inspection Loans Earnest money deposit 119

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. But don’t be afraid to ask for help.

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Loans Mortgages FHA loan Debt-to-income ratio 95

HomeLight

MAY 31, 2021

And while you can expect to answer plenty of questions from your mortgage lender about qualifying for a loan, as a buyer, there are also several important questions you should be asking your lender. I had some clients a few years ago that had trouble qualifying because they had a lot of debt. What type of home loans do you offer?

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Mortgages Debt-to-income ratio Loans Closing costs 85

HomeLight

OCTOBER 15, 2020

If you’re a would-be homebuyer searching for a home in a rural or even suburban area, you could potentially qualify for a United States Department of Agriculture (USDA) loan. These loans — like FHA and VA loans — are backed by the government. For a USDA loan, you should have a minimum FICO score of 640.

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Loans Purchase and sale agreement Loan Officer Debt-to-income ratio 85

HomeLight

OCTOBER 29, 2021

We’ve rounded up advice from top real estate agents, plus talked to a few first time buyers who shared how they turned that impossible dream into a reality. This is known as your debt-to-income ratio (DTI). Find a reputable and experienced agent. Shop around for a mortgage.

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HomeLight

JUNE 16, 2023

Borrowers can qualify for an FHA loan with a credit score as low as 500 with a 10% down payment, or 580 or above with a 3.5% By contrast, most conventional loans require a credit score of 620 or above. down payment. After all, if your home falls short of these guidelines, it could cost you the sale.

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FHA loan Loans Inspection Debt-to-income ratio 98

HomeLight

NOVEMBER 17, 2021

With the help of Joseph Baylis , a top agent and first-time homebuyer extraordinaire based in Trenton, New Jersey , we’re giving you a rundown of the best first-time buyer programs that are available as of October 2021. To be considered for an FHA loan, you must: Have a credit score of at least 580 to be eligible for a 3.5%

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FHA loan Mortgages Loans Debt-to-income ratio 105

Windemere Buying

OCTOBER 18, 2021

By working closely with your agent , you can identify these pitfalls ahead of time and adjust accordingly. Adding another credit card to your collection or taking out a loan will change your credit score, causing a ripple effect that can bring the buying process to a halt.

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Pre-approval Pre-qualification Debt-to-income ratio Inspection 52

HomeLight

JUNE 30, 2022

We asked our top agents for their best advice for first-time buyers and we’re going to delve into the top dos and don’ts when buying a home; some may be odd, others may be more obvious, and several you may have never considered. Work with an agent. There are many steps along the way to homeownership , and it can get quite bumpy.

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Purchase and sale agreement Inspection Earnest money deposit Closing costs 96

Redfin

AUGUST 3, 2022

Here are the steps to determine how much house you can afford: First, determine your debt to income ratio (DTI). This is your monthly expenses versus your cash intake or the bills you pay divided by your gross monthly income. Debts include recurring bills, such as car payments, daycare payments, and student loans.

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Pre-approval Purchase and sale agreement Title Debt-to-income ratio 76

Redfin

MAY 16, 2023

Connect with a local agent in Maryland To ensure a successful home buying experience, it’s essential to connect with a local real estate agent in Maryland before you start searching for homes on sale. Once you find a home you like, your agent will help you make an offer and negotiate a price with the seller.

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Pre-approval Debt-to-income ratio Loans Closing 63

Marco Santarelli

AUGUST 22, 2024

For example: Conventional Loans : Typically require a 20% down payment to avoid Private Mortgage Insurance (PMI). FHA Loans : Allow for a minimum down payment of as low as 3.5%, making them attractive for first-time buyers. VA Loans : Available to veterans, often require no down payment, which can make homeownership more accessible.

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Debt-to-income ratio FHA loan Loans VA loan 52

The Close

DECEMBER 29, 2022

Whether you’re a veteran agent or a rookie hoping to sound authoritative during your first transaction, you need to be able to succinctly explain common real estate terms and definitions to your clients. It might feel stressful, but handling contingencies well is actually a time when you, as the agent, can really shine.

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

Marco Santarelli

AUGUST 24, 2024

This situation can result from multiple factors, such as late payments, high debt-to-income ratios, or even prior bankruptcy or foreclosure. Here are a few noteworthy options: VA Loans : Available for veterans and active members of the military, VA loans are among the most advantageous home financing options.

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Loans Pre-approval Debt-to-income ratio VA loan 52

Redfin

JANUARY 23, 2025

USDA and VA loans are the two loans that offer zero-down payment mortgages. There are low-down payment loans available if you dont qualify for USDA or VA loans. Homebuyers can get a zero-down mortgage if they qualify for a VA or USDA loan. There are also a few income requirements to qualify.

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Debt-to-income ratio VA loan FHA loan Mortgages 59