Home Ownership At Your Fingertips

Down Payment

Depending on your loan program, down payments can range from 0% to the standard 20% down.

Down Payment Gifts

Down Payment Gifts are acceptable on all loan types. There are documentation requirements including verification that the money being received is truly a gift and does not have to be repaid as well as where the gift provider obtained the funds.

Understanding your Debt

Debt to income (DTI) ratios are always a hot topic. 

 Front-end DTI is a calculation of your total housing expense (principal, interest, taxes, insurance, and HOA). This DTI should not exceed 28% of your total income.

Back-end DTI  is a calculation of all of the debt showing on your credit report in addition to your new mortgage payment. This should not be more than 36% total.

Income Requirements

You will need a minimum of 2 years job history. 

Time spent in school can count towards your employment history if you are employed in the same field as your studies. Continuous employment does not need to be with the same employer and gaps of employment are acceptable depending on the loan program.

Credit Score

The better the credit score the better the interest rate. However, there are loan programs that allow for credit scores to be as low as 500. Your credit score will also affect down payment requirements.