Getting pre approved for a home loan should be the first place you start when thinking of buying a house. Before you start viewing houses, you should know how much a lender will allow you to borrow in order to buy a house. As well as how much your comfortable spending monthly, on a payment.
There are so many different loan options. I would suggest you bank locally. Many lenders and banks allow you to spend 43% - 45% of your monthly income on a mortgage payment, but this varies per person, credit score and debit ratio.
Here are just a few great loans options:
No money Down or 100% financing:
VA Loan-
These loans are available to Veterans, active duty and windows or winders of Veterans.
USDA Loan-
These loans are available in rural areas. They have maximum income guidelines and town eligibility goes by population size.
Low Down Payments:
FHA loan-
This loan is a great options because is has less strict income to debit ratios and requires just 3.5% of the sales price as a down payment.
Mass Housing-
This loan is another great option, requiring 3%-5% of the sales price as the down payment
There's something out there for everyone, and if you'd like more info on where and how to start this loan shopping process, you can call, text or email me.
Nicole Wood
774-488-2500
wwwNicoleWoodHomes.com
Visit my website and sign up as a client, I'll personally send you any info you may need and walk you Through this process.
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