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How Mortgage Lenders Determine your Loan
Manage episode 334855479 series 1004398
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There are a variety of opportunities in the Omaha real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.
When you are purchasing a home, you will probably need to apply for a mortgage. Lenders will then take many factors into account to determine how much of a loan you qualify for. What exactly are those factors? We are here to let you know so you can be prepared before you go meet with a lender. Here are the 3 main things that lenders look for:
1. Credit Score
The first thing that lenders will look at is your credit score. There are 3 scores from 3 different bureaus. They range in value from 300-800 and the higher the score, the better.
2. Debt-to-Income Ratio
The 2nd thing lenders will look at is how much money you have coming in vs. how much money you are spending. If you are married, they will look at both you and your spouse's ratios.
3. Down Payment
The last thing they will look at is how much you are going to put down for a down payment. There are a lot of different loan programs out there, from FHA loans where you can put 3.5% down, or conventional programs where you can put anywhere from 5%- 20% or more down.
If you have any questions about financing or about real estate in general, be sure to give us a call. We'd love to help out with anything you need.
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