Most first-time buyers stop before they start because they think they need a percentage of the purchase price saved. Down payment and cash to close are two different numbers, and the second one is usually smaller than expected.
Approval tells you the property can carry the loan today. It does not tell you what happens when the tax assessment catches up and the HVAC quits in the same year.
■ Quick Answer FHA credit score requirements start at 580 for the standard 3.5 percent down payment. Borrowers with scores between 500 and 579 can still qualify with 10 percent down. FHA allows debt-to-income ratios up to 55 percent on a case-by-case basis, requires a two-year employment history, and the property must be your primary […]
■ Quick Answer Self-employed mortgage loans use the same programs as everyone else, but the income analysis works differently. Lenders review your tax returns and calculate qualifying income after write-offs, not gross business revenue. When deductions make your income look small on paper, alternative documentation options exist through certain lenders, including bank statement and P&L […]
■ Quick Answer VA loan wealth building means using your military home loan benefit not just to buy a home, but as a repeatable strategy to build long-term financial security. Veterans can purchase with zero down payment, avoid PMI, buy owner-occupied multi-unit properties to generate rental income, reuse the benefit multiple times, and refinance efficiently […]