Loan Agency in Youngsville, LA
Updated: Jun 7
What kind of loans are available for real estate?
Fixed-rate conventional mortgages are the most common type of home loan. Unlike other types of mortgage loans, you can use a conventional mortgage to buy most types of residential properties. Conventional loans have stricter credit score and debt-to-income ratio qualifications. Click here for more details Please.
There is no hard and fast rule for credit, but the Federal Housing Administration (FHA), which helps first-time buyers, requires at least a 580 for its loans with the lowest-required down payments. In general, borrowers falling into the poor-to-fair credit range -- 501-660 -- will face a harder time.
For low-income borrowers, regular conventional loans can sometimes be harder to qualify for, especially if you're having a hard time saving up for a down payment. HomeReady and Home Possible loans allow buyers to finance up to 97% of their home purchase, meaning borrowers can make down payments as low as 3%.
What credit score is needed to buy an investment property?
Most fixed-rate mortgages require at least a 15% down payment for a one-unit investment property. Your credit score should be at or above 680 if you're applying through Curbie & Bessie Capital Investments®. Lenders want you to put down 25% with a 670 or higher interest rate on two- to four-unit investment properties.
How much income do I need to buy a 200k house?
If your monthly non-housing debts are greater, however, your total debt payments will exceed 36% of gross income and you'll need income to qualify for the mortgage. Monthly debt payments of $750 in addition to the mortgage would require annual income of $81,000.
How much do you need to make to be able to afford a house that costs $650,000? To afford a house that costs $650,000 with a down payment of $130,000, you'd need to earn $96,989 per year before tax. The monthly mortgage payment would be $2,263.