Make sure you talk to loan agent before searching for a home. You must know how you can afford and try to fix any issues prior to submission of an loan application.
What makes you qualify for the loan?
- Enough income
- Good credit history
- Good credit score
- Enough assets for down payment, closing costs, and reserves
- Low DTI ratio (Debt to Income ratio)
- Occupancy types
Who gets lowest possible interest rate?
- 740+ Credit score
- 25% or more down payment (More down payment = better interest rate)
- Owner occupied property
What if I don’t qualify with my income?
- Talk to your loan agent.
- There are several loan programs don’t require tax returns.
- There’s always a way to get loans as long as you are willing to get higher interest rate
What if I don’t have enough funds in my account?
- Talk to your loan agent
- There are many programs that allows “gift funds” for the transaction
What if I don’t have legal status to work in US?
- Talk to your loan agent
- There are few “Foreign National Programs” for foreigner who wants to purchase a home for many reasons
- Depending on VISA types, you might be able to get a mortgage
What if I can’t put 20% down?
- Talk to your loan agent
- There are many programs that don’t require 20% down payment
- Some programs require as low as 3% down payment
- VA loans don’t require any down payment
What if I run a small business without permit or license?
- Talk to your loan agent
- There are programs for small business owners