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To qualify for a mortgage, lenders typically require that you have a debt-to-income ratio of “28/36.” This means that no more than 28% of your total pre-tax monthly income can go toward housing, and no more than 36% of your monthly income can go toward your total monthly debt (including your mortgage payment).
We guide you every step of the way, starting with a discovery call to learn about your goals. At NEO, we stay with you through every step of the home buying process to ensure you receive the best experience. Whether you are financing a home, investment property, or other residential real estate, we help you chose a mortgage loan product that matches your goals and make sure you are getting the best financial scenario. We’ll help you clearly see the key differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.
Buying a home for the first time can be an intimidating process with confusing terms and can be stressful with bidding for a house and putting a large down payment. However, our team is here to help you through every step of the process and make it as smooth and easy as possible.
Your service to our country can qualify you for this special loan program. VA Loans are backed by the U.S. Department of Veterans Affairs and are available to eligible applicants who are Current Service Members, Veterans, or Surviving Spouses to use towards the purchase of their home. Some of the significant advantages include borrowing with no PMI, low closing costs and interest rates, and 0 down payment.
Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can get approved even if you have less-than-perfect credit. The Federal Housing Administration or “FHA” requires a down payment of only 3.5% of the price of the home. Borrowers who cannot afford a traditional down payment of 20% or can’t get approved for private mortgage insurance should look into FHA loans.