Buying Your First Home

We Understand. Becoming a homeowner can be a daunting process for anyone, especially young adults or those without experience making such a big purchase. If you are a First-time homebuyer, you are probably overwhelmed at the many loan options available to you today. While there isn’t a First-time Homebuyer’s loan in particular, there are minimum […]

Assets & Reserve Requirements

Verification of Assets & Reserve Requirements on a Mortgage Application If you claim to have assets on a mortgage application, be prepared to verify them. Just what does that mean? Essentially, the lender is going to inspect those funds inside and out. They need to know where the funds came from and how you received […]

Credit Score Requirements

One of the first things lenders look at when determining your eligibility for a home loan is your credit score. You don’t need perfect credit to qualify. When a lender is considering you for a home loan, they are simply looking for your ability to repay your mortgage, without the risk of you defaulting on […]

Debt Ratios

The next most important factor are your mortgage debt ratios. Lenders look at your DTI to make sure that you have enough disposable income to cover the daily cost of living. Each program has its own debt ratio requirements. Conventional Loan – Just as we said with the credit scores, conventional lenders have the toughest […]

Stable Income & Employment

No matter which program you choose, you’ll need to prove that you have stable income & employment. Lenders need to know that you can afford the loan beyond a reasonable doubt. Typically, you’ll need at least a 2-year employment history. It helps if that history is at the same job and not at multiple jobs. […]

Down Payment

Many people believe that buying a home is out of reach, as it will take years to save 20% for a down payment. Good news! Your down payment can be less than 20%! In fact the average down payment for First-time homebuyers in 2017 was 5%, and 10% for repeat buyers, according to the National […]