Lenders will compare your income and debt in a figure known as your debt-to-income ratio. Lenders look closely at applicants who owe a large amount of debt, since it means there will be less funds to put toward a mortgage payment, even if their income is substantial. Lenders may check not only your income for the current year, but also for past years to see how steady your income has been.ĭebt:This is the total amount you owe to credit cards, car payments, child support, college loans, and other monthly debts. Your income:How much money you bring in-from work, investments, and other sources-is one of the main factors that will determine what size mortgage you can get. Here are the main things they review to determine how much you can borrow: When you apply for a mortgage to buy a home, lenders will closely review your finances, asking you to share bank statements, pay stubs, and other documents. land (where about one-third of Americans live) is located within USDA loan–eligible boundaries. While many assume USDA loans are just for farms or extremely remote areas, 97% of U.S. USDA loans:The United States Department of Agriculture offers loans in rural areas to borrowers with low to moderate incomes. In addition to putting no money down, borrowers also get lower interest rates and other fees. military (and qualifying family members) can get loans backed by the U.S. VA loans:Current and former members of the U.S.It’s ideal for first-time home buyers who lack the money for a large down payment. But if you don’t have 20%, you can put down as little as 3.5%, or in some cases 0%.įHA loan:These loans are backed by the Federal Housing Administration, which means you can put down as little as 3.5% of the price of the house. According to Zillow, the weeks ahead will reveal if the buying season stretches into summer, as in 20.To get the best mortgage interest rates and terms, you’ll want a down payment amounting to 20% of a home’s sale price. Time will tell if seasonal price slowdowns arrive on time this year, later in summer."īut despite these challenges, Zillow said buyers are still motivated as sales figures are close to pre-pandemic standards. "Spring is traditionally the hottest time of year in the housing market, and 2023 has been no exception. But those who do have been rewarded with bidding wars as buyers compete for limited options," said Zillow senior economist Jeff Tucker. "Many homeowners are still opting not to sell and give up historically low mortgage rates. The flow of new listings was down 23% year over year in May, and Tampa saw an even higher decrease in that same time span at almost 27%. Zillow said high mortgage rates continue to deter homeowners from listing, leading to record lows in inventory. The monthly mortgage payment on a newly-purchased average home in Tampa is $1,923, higher than the typical value in the United States, which is just shy of $1,800. The typical home value is $346,856, up 0.9% over last May and up 3.4% from a recent low this January. Only Miami had a month-to-month increase of over 1%, gaining 1.2%. In comparison to other Florida cities, Tampa is behind Orlando ($386,090) and Miami ($458,284) in total home value but ahead of Jacksonville ($360,695). That is the highest jump in home values since June 2022.Īfter a 0.9% change from April to May, Tampa homes were valued at $370,792, according to the Zillow Home Value Index. New data from Zillow revealed that month-to-month home values across the country have grown to their highest rate in a year, impacting the Tampa Bay area.Īccording to a Zillow report released Monday, the average home value nationwide grew by 1.4% from April to May.
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