First Time Home Buyers Loan in Orlando, FL

Do I Qualify?

There are multiple factors to consider when determining if you qualify for a home loan. Your household income is the first thing lenders will look at because they want to be sure you earn enough to cover your mortgage payments and your home bills. Lenders like to see that you are consistent with your income.

The property type you are looking to buy can affect your ability to get an FHA loan. It is easier to get a loan for a primary residence than most other property types. A primary residence is a home you will live in for most of the year, and for many years to come. Primary residences pose fewer risks to lenders, and specific types of some government-backed loans are only available for primary residences.

Your credit score is essential in determining home loan availability and rates. Lenders use your credit score to determine if you consistently pay your bills on time. You will need a FICO Score of at least 620 to qualify for a majority of home loans. An FHA Loan is ideal if you have a credit score lower than 620. A higher credit score will give you more favorable loan options and lower interest rates.

Debt-To-Income Ratio is another area lenders look at when determining what type of home loans you qualify for. Mortgage lenders want to know you can take care of your mortgage payment and still pay your bills. Your Debt-To-Income ratio informs lenders how much of your gross income goes to required monthly bills.

• Complete our simple mortgage pre−approval letter request
• Receive options based on your unique criteria and scenario
• Compare mortgage interest rates and terms
• Choose the offer that best fits your needs