A Few Q&As from the Event

Q: Are there any loan programs for someone with student loans?

A: There are definitely income-based plans available that look at your debt/income ratio, credit, and the amount of your student loans. In addition, due to Covid19, the Cares Act has recently been renewed which allows all student loans to be deferred through the remaining of the year. Check with you lender to see how this will effect your pre-approval.

Q: Are there any available plans for teachers?

A: Yes, research the county that you want to live in. Many offer loan programs for essential workers, which includes teachers. There is also The Teachers Financing Program that you may qualify for.

Q: What determines your mortgage?

A: Your mortgage is determined by your existing debt compared to your Gross Monthly Income, referred to as the Debt to Income Ratio.  This determines the overall approval amount and the monthly mortgage payment.

Q: Full time realtor. I need to purchase a new home.  Do I need to wait 2 years before buying a home?

Ideally you would like to wait two years, and do not write off a ton of things to increase buying power and keep down payment low.  If you really need to buy, some programs will allow you to buy at 1 year, but the underwriting may be tougher, higher interest rates, and down payment may be higher.