 💥 What is considered when trying to qualify for a home loan💥
Are you looking to buy a🏡 in the close future but don't know what we may ask for? Here are the top 3 things that are considered for a home loan🚨 1) Income - You are required to have income in order to buy a home, pretty logical right! The beautiful thing is that we are able to consider income from alternative sources and not only from your employment. Considerable income can stem from an inheritance, and other supplemental income. 2) Debt - Once we have your income we have to now consider your debt. Monthly debt is usually what is considered. If every month you make $2000 with $1000 in monthly payments that means you have $1000 left over. Now based on your Credit Score, a lender is able to use between 40%-55% to determine your home loan. 3) Credit Score - As mentioned before, your credit score is important for several reasons. For one, your score will allow the lender to use between 40-55% of your free income to prequalify you. Secondly, your score will allow you to qualify for certain programs that are available in certain score brackets. For more information on what is needed to qualify for a home loan, do not hesitate to reach out to one of my recommended lenders! Christian Chapa | Realtor® 956.763.4728 - [email protected] Keller Williams Laredo Jose Lastra | Mortgage Lender 956.334.5294 Service First Mortgage
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The Truth in Loans
What does an offer with an FHA loan mean to you, as a seller An FHA loan is a federally backed loan for the buyer. This plays a large role in the purchase of your home. Because it is Federally Insured, your home must be in tip top shape for them to grant the loan to your buyer. It has more requirements about the condition of you home. It requires a lender appraisal. What does this mean for me? If the buyers offer comes in at $210,000 but the home apprasial values the property at $200,000, the bank will not lend the $210k to the buyer. This means more than likely the purchase of your home will be $200k as opposed to the $210k. There are a few things to consider, but call me for more advice Homes for Texas HeroesAttention all teachers! I have sat down with one of my preferred lenders and we have found a program to offer to school teachers. This is a one of a kind program designed specifically for teachers and other school employees. There are many benefits that this program has to offer! Depending on your Credit information, we are able to cover up to 5% of you closing costs. That's enough to cover a FHA 3.5% Down payment! Best thing is you DONT have to pay it back! Give me a call today so we may be able to see what YOU can Qualify for! |
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