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Having bad credit can have a significant impact on your ability to buy a house in Texas. Lenders consider a borrower’s creditworthiness when determining their eligibility for a mortgage, which means a low credit score can affect your chances of getting approved for a loan. One of the most s...
Different lenders tend to specialize in certain types of mortgages and financial products. For example, a government-sponsored FHA loan can only be provided by an FHA-approved lender. As another example, a homeowner may someday want to refinance, and it can be convenient to pursue that with ...
t have any negative items on there that should have been removed or that are patently false. If you have small balances outstanding on any of your debts, try to get them paid off before you apply for a home loan. Those little debts can bring your score down and prevent you from ...
SoFi also offers same-day funding. In fact, according to SoFi, over 80 percent of SoFi personal loan users in 2022 received their funds before 7 p.m. ET on the same day their loan was approved. A bonus: You can add aco-borrowerif you need someone else’s income to qualify for a ...
Mortgages backed by the Federal Housing Administration are calledFHA loans. These were created for low to moderate income homebuyers seeking low-cost mortgage options with relaxed credit requirements. Borrowers with a low credit score of 580 can qualify for an FHA loan. They are also entitled to ...
Understanding how the loan-to-value (LTV) ratio plays into mortgage lending is an important principle for all borrowers to understand. The loan-to-value ratio is the amount of money the borrower needs to purchase a property of a certain appraised value. ...
Debt-to-income ratio 50% Loan-to-value ratio Up to 80% Home equity 20% Bridge loan example A couple with $100,000 left on their mortgage is ready to move. They list their house for $300,000 and are put in an application for a new place that costs $500,000. Since they haven't...
Programs vary based on where you plan to buy a home. In Texas, for example, the Department of Housing and Community Affairs offers down payment and closing cost assistance of up to 5% of the loan amount for eligible buyers. Down payment assistance most commonly takes one of three forms: ...