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Discussing your particular situation in-depth with a mortgage broker will help you find the best solution, resulting in the mortgage loan that best suits you.
Explore the different types of mortgages and what their requirements are.
If you haven’t owned a primary residence for three years, you qualify as a first time home buyer. First-time buyers need to have at least 580 credit score to enjoy down payments of as low as 3 percent. Depending on your credit score, either an FHA or a Conventional loan might be a good fit for you. FHA loans allow for as little as a 3.5% down payment and Conventional Loans allow for a 3% down payment. See which one might be best for you.
To get qualified for a house loan, your lender will consider your monthly income compared to your monthly debts, including a new home payment. You also need an established credit history. These, along with your ability to bring in different amounts of down payment will determine what you can afford for a home price and monthly payment.
To qualify for a conventional loan requires a minimum credit score of 620, but to get the best rate and payments on a Conventional loan usually requires a higher credit score. If you have a credit score of 700 and below, an FHA loan might be a better fit for you. Borrowers who have credit scores of 740 or more generally tend to enjoy the best conventional loan rates. Conventional loans also offer many different down payment options, including as little as 3% down payment if you’re a first-time buyer and 5% down payment if not. When qualifying, Conventional loans will typically allow you to use just under half of your monthly before-tax income to pay for your house and other monthly minimum debts.
FHA loans are fantastic for first-time buyers and people buying a primary residence. Typical requirements are a credit score of 580, a down payment of 3.5%, and steady employment that supports the house payment and your other debts. Depending on your scenario, up to 56% of your gross monthly income can go towards your house payment and other monthly debts. FHA also has many down payment assistance programs to help cover the 3.5% down payment. Ask our Loan Originators about which might be best for you!
Each loan type has a slightly different way they look at your three pillars of lending: Credit Score, Down Payment, and Monthly Income versus Debts. Is your credit not perfect? There’s a loan for that. Need help with down payment? There’s a loan for that too. Student loan debt stacking up? No problem, there’s the right loan for that too. Get answers now – Just pick up the phone and call.
The first step is to fill out a loan application and talk to a lender. The lender can then pull your credit to see everything needed to guide you to the right loan program for you. Our pros are experts at finding the perfect fit for your financial needs and helping with a roadmap to home ownership today.
FHA loans are a wonderful product for someone buying a primary residence. Most people will need at least a 580 credit score, a steady income that can support the house payment and other monthly debts, as well as 3.5% down payment. Some people may qualify for down payment assistance that can help with the 3.5% down payment and other closing costs.
There are several eligibility guidelines. First, you must have served 90 consecutive days of active service during the war. Alternatively, you must have served 181 days of active service during peacetime. Having served six years of service in the national guard’s reserve is a valid option too. Further, spouses of service members who died in the line of duty qualify for this loan. VA loans don’t require a down payment and require the person to have enough income to support the house payment, other monthly debts, and still have a residual income remaining. The amount of residual income needed for qualification is based on VA’s residual income chart that is broken down by region.
If you meet the minimum service requirements for a VA home loan then getting qualified for a VA home loan is a breeze. We can help you with what documents you need to provide along with a loan application that will allow us to determine how much house you can afford and what your payment will be.
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