Flexible repayment terms and several loan options!
DHI Mortgage, buy or refinance a home through simple steps!
Do you need a helping hand to buy your dream home? Don’t worry! DHI Mortgage has got you! This lender provides several loan options, including refinancing and government-backed loans. Get the money you need!
Don’t wait any longer! Apply today for DHI Mortgage. Check out four reasons to choose this lender!
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Requirements for qualifying for a mortgage can vary depending on the lender and the type of loan you’re applying for. But, in general you may expect some in common, such as a good credit score and a steady source of income. For many types of mortgage loans, a down payment will be also necessary. Most of the lenders will also check your employment history and your debt-to-income ratio(DTI). Further, every home intended to be purchased must pass by a property appraisal evaluation.
Many things can vary depending on the lender, and documentation isn’t an exception. However, the homebuyer must expect to be required for a common list of documents. Generally proof of income with pay-stubs, bank statements, proof of ID, employment verification and possibly others will be demanded. The best way to proceed is work closely to the lender you choose to get a list of documents they request specifically.
A minimum down payment will depend on several factors, including the home’s purchase price, the type of mortgage loan you are obtaining, and your creditworthiness. Most conventional mortgage loans require a minimum down payment of 3% to 5% of the purchase price. FHA loans can require 3.5%, and a VA loan may sometimes require no down payments. Remember that larger down payments can make you a more attractive candidate to lenders and reduce general costs and monthly payments.
When you apply for a mortgage loan, your lender will require an appraisal to determine the value of the property you want to purchase. During a home appraisal, a licensed appraiser will visit the property and assess its condition, size, features, and location. It will include a detailed description of the property and an explanation of how the appraiser arrived at the estimated value. The lender will use it to determine the loan amount they are willing to provide and ensure the property is worth it.
The debt-to-income ratio is a key factor that lenders use to evaluate your ability to repay a mortgage loan. The ratio compares your total monthly debt payments to your gross monthly income. Lenders generally prefer a debt-to-income ratio of no more than 43%, although some may allow higher ratios under certain circumstances. Remember that the debt-to-income ratio is just one of several factors that may affect your eligibility! Consider contacting your lender to know more!
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