Another key consideration for lenders is your DTI ratio, or the percentage of your gross monthly income that goes toward paying off your monthly debts. Aim for less than 43%, but don't worry if you're above that threshold as a first-time homebuyer. ...
How to compare lenders as a first-time homebuyer Whencomparing mortgage lendersas a first-time buyer, you will want to consider several factors. Loan products may look similar on the surface, but the details can make a big difference over the life of the loan itself — often 15, 20, or...
The First Home Loan Deposit Scheme allows first-home buyers to purchase a property with as little as a 5 per cent deposit and without the need to take out lenders mortgage insurance. Designed to assist first-home buyers into their own home, the government guarantees the difference between what...
First-Time Homebuyer Hopes Soar as Lenders Scramble to Offer Deals
To become a first-time homebuyer, you’ll need your finances to be in good shape. Most people need to get a mortgage to buy their first house. Before lenders will take the risk of offering you your first mortgage, they’ll generally want to see evidence that you can repay the debt, ...
a mortgage loan, but your credit score is definitely one factor that lenders consider. You could qualify for aU.S. Bank mortgageloan with a credit score as low as 620, but monitoring your credit activity will be important as you prepare to buy a home. The higher your score, the better....
Financial experts recommend having 3 to 6 months of living expenses in savings before buying a home. However, how much debt you have, also known as your debt-to-income ratio, is a much more important number for lenders. It’s highly recommended you know what your credit score is before ...
Understand your loan options, and talk to a few lenders about what type of loan might be best for your situation. Don’t overlook options like FHA loans, USDA loans and VA loans. Buying your first home can be an overwhelming experience. Whether you are a brand-new house hunter or an ex...
There’s not necessarily one right mortgage lender for everyone, but there are some that really stand out as among the best. Each of the lenders on our list is a great choice for a different type of first-time home buyer. Whether you’re looking for excellent customer service or a fast...
First-Time Homebuyer Requirements To be approved for a mortgage, you'll need to meet a number of requirements, which can vary depending on the type of loan you're applying for and your particular lender. Lenders will generally require proof of income sufficient to make the monthly mortgage pa...