First Time Buyer Loan Programs

Loan Programs > Type of Loan

What type of loan of will you qualify for? There are several questions that every lender will be asking you. You can start by asking yourself a few questions:

  1. Employment: Do I have a steady source of income? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable? How much is my current income?
  2. Credit: Do I have a good record of paying my bills? What is my credit score?
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  3. Debt to income ratio: A debt to income ratio measures your monthly debt payments as a percentage to your monthly income. When you are approved for a home loan, this payment will be included in your debt to income ratio. All loan programs have pre-determined limits on acceptable debt to income ratios. What is your current debt level compared to your income?
  4. Down Payment: This is the amount of the purchase price of the property that your loan program requires you to pay up front. Do I have money saved for a down payment?