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March 18, 2013

Buying or Selling a Home

Financing a Home Purchase

How much money will a lender provide for my home purchase?

The total loan amount a lender will agree to provide is directly tied to your income and expenses. As a homeowner, you will be paying a monthly loan payment, along with the cost of insurance, property taxes, utilities, and maintenance. A lender looks for a solid history of income, employment, and credit. The lender also will review your expenses, including automobile payments, credit-card debt, education loans, child support, alimony, etc. If you are borrowing money for your down payment, the lender will treat the interest payments on that loan as expenses.

>>How much money will a lender provide for my home purchase?
>>What do I need for a down payment?
>>What will I need for closing costs?
>>Should I pre-qualify for a loan?
>>I want to buy a home but my credit history is poor. Is there anything I can do?

Practical Law Home | Buying or Selling a Home | Basics of Buying a Home
Basics of Selling a Home | Why Real Estate Is Covered By Special Laws | Real Estate Brokers
The Purchase Contract | *Financing a Home Purchase* | The Closing | The Fair Housing Act
Where to Get More Information