What is a mortgage pre-qualification?
Once you’ve made the decision that you want to purchase a home, the next step you need to take is finding out how much home you can qualify for, and if there’s anything special you’ll need to do based on your unique circumstances. You can also use this step to identify different financial moves you can make to make this one of the best financial decisions of your life. A mortgage pre-qualification will give you an idea of how much monthly payment will get you the house you’re looking for, how much down payment you’ll need, the maximum amount that you’ll qualify for, and any other questions about a mortgage that you have!
How much house can I qualify for?
This is a great and extremely common question in the home buying process! And the answer is…. it depends! Different loan programs allow you to use different percentages of your monthly income to qualify. In fact, different loan programs will calculate your monthly income or consider/not consider sources of income differently. Your qualification for these different programs will depend on credit score, down payment amount, first time home buyer status, employment status, and so many other factors!
This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the state of New York can be facilitated through this site.
Northeast Financial is presently in the process of applying for their Mortgage Broker’s license in the state of New York. Website authorization by the New York State Department of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site. If you are a New York Resident – please do not submit any information through our website.
When discussing programs that allow for 3.5% down, 0% down, or a percentage down – the borrower is not required to only put that exact percentage down. FHA, USDA, VA, CHFA, Jumbo, and Conventional Mortgages allow borrowers to put down more of a percentage if they desire to. The percentages mentioned in the information provided is the minimum down payment that these programs require. Each one of these programs have specific credit score, debt-to-income ratio, and payment history requirements to qualify for the minimum down payment.
Northeast Financial LLC is a Licensed Mortgage Broker by the State of Connecticut Department of Banking, NOT A LENDER. Loans are arranged through 3rd party lenders.