All loan guidelines will vary depending on the lender and also keep in mind that not every lender will offer the same loan programs, so it’s important to shop around to different lenders to find the one that not only offers the mortgage program you’re interested in, but one that fits your needs best.
Examples of Different Guidelines
Since every loan program differs depending on the lender, guidelines might not be the same for every loan program. This will depend on the loan type and the lender.
Guidelines could include the following;
- No DTI or LTV Ratio
- No Documentation Needed
- Low Down Payments
- No Down Payments
- Low Interest Rate
- No Mortgage Insurance Premium
- No Closing Costs
- No Credit Requirements
Since each loan program differs, this creates many different aspects and availability to borrowers when it comes to the guidelines and requirements. It’s important to shop around to many different lenders. The more research you do, the better off you’ll be. Choosing the wrong loan program or even the wrong lender could end up costing you thousands. You could be stuck with high interest rates or worse, a mortgage payment you can’t afford at all. Be sure to do your research on the loan program you’re interested in, familiarize yourself with that specific programs requirements and guidelines. Determine your own eligibility before applying for the loan through a lender.
Guidelines Making You Feel stressed and frustrated?
Since there is so much information being thrown at you when you’re buying a home, the guidelines and requirements can leave you feeling frustrated and all the options available or not available can be confusing and stressful, but it’s ok to feel confused, stressed or frustrated. It’s normal to feel a but lost when going through the home buying process, especially for first time home buyers. Since every loan program is different and the guidelines, requirements, and qualifications are all going to be different it’s important to do your research on only the specific loans you’re interested in. This will help you get a better understanding for that specific loan program instead of being bombarded with information that you may not understand. It also helps to talk to many different lenders. Not every lender offers the same programs and the guidelines will depend on the lender, so if you interview multiple lenders you’ll be able to compare the information and you’ll have an easier less stressful time deciding on not only a loan program, but a lender as well. Don’t be afraid to ask as many questions as you can and even compare lender’s rates and guidelines to find the options, loan, and lender that best fit your needs.
Food for Thought
Keep in mind, the more lenders you interview and are able to compare, the better off you are. Some lenders may not like the that you are taking their information and comparing them to their competitors, but many lenders will be more than happy to help you in your search. It’s important to speak with numerous lenders and get as much information as you can. This will help significantly throughout the loan process.
Start your search for a lender who can help you with your home loan today. Click the button below it will only take a few minutes and it’s free.