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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
Mortgage Rates
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What is an FHA home loan?  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?   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). |
What is a USDA home loan?  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. |
VA home loan 
The Veteran home loan does not require a down payment - |
Who has the best mortgage rates
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