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How much of a home loan can I qualify for?
Prequalifying for a mortgage requires a mortgage professional to determine the size of a home loan. Mortgage lenders analyse your income, your credit history, score, and how much of a down payment will be required (if any). Lenders also use a calculation called debt to income to estimate the monthly mortgage payment. Debt to income is a comparison between your monthly income and monthly debts. After providing the mortgage lender with your financial information, the lender will decide which mortgage loan is suitable for you. There are four popular home loans available, FHA, VA, USDA, and Conventional mortgages. See below

The FHA, VA, and USDA are government insured (or guaranteed) by the Federal government. The FHA is extremely popular due to it low down payment of 3.5% and low credit score requirements. The VA loan is a great way for a cash strapped veteran to purchase a home. The veteran home loan does not require a down payment . . . 100% financing and the seller is permitted to pay all closing costs on behalf of the veteran. The USDA loan does not require a down payment and the seller is permitted to pay a percentage of the buyer’s closing costs.

Are you a first time home buyer? Get prepared for homeownership with these home buying tips - Four tips for home buyers

What are closing costs? What is a good faith estimate? Read more




What is an FHA home loan?

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FHA home loans are "insured" by the Federal Government. The benefits of FHA loans include low down payment, lower credit score requirements and allowable seller paid closing costs.

What is a Conventional Loan?

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Conventional mortgages are loans that are not guaranteed or insured by any Federal agency, specifically, the Federal Housing Administration (FHA loans), United States Department of Agriculture (USDA loans) and Veterans Administration (VA loans).

Conventional mortgages are also known as "conforming" loans because they "conform" to the maximum lending limit and underwriting guidelines of Fannie Mae and Freddie Mac. Learn more

What is a USDA home loan?

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This USDA mortgage is designed for low to moderate income home buyers who purchase a home in eligible rural areas. The USDA home loan provides 100% financing for eligible applicants. That’s right . . . no down payment! There are no purchase price limits and the seller can pay a percentage of the buyer’s closing costs. The loan program also permits less than perfect credit. The USDA home loan is administered by the US Department of Agriculture.
Read more

VA home loan

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The Veteran home loan does not require a down payment -
That's right, 100% financing! -


And, the seller is permitted to pay all reasonable closing costs on behalf of the veteran.
Learn more

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