I have recently begun looking for a home and I understand that the first major step is to get qualified for a home loan. * How do I go about this? * What should I be looking for? * Will getting qualified be a hard or soft credit inquiry? Is there a way to find out about how much I would qualify for with different lenders without getting a hard inquiry? * What are the most important aspects of a loan? Comparative importance of interest rate, ability to only put down 5%, mortgage assistance, PMI?
Some potentially important background for me is that I'm low income and could qualify for mortgage assistance programs to help provide 3-5% down payment, but that would need PMI for the full length of the loan, and interest rates of upper 4-5%.
An alternative loan program I've seen has been no PMI if I put down at least 3% (I don't remember the interest rate though).
Thoughts and suggestions?
Submitted March 11, 2017 at 01:34PM by mimariposa http://ift.tt/2lO8yxW
