Situations
Where are you right now?
Pick the guide that matches your life right now. Each one covers what actually matters, in the order it comes up.
First-time buyer
Buying your first home means learning a lot of new words in just a few weeks, and it helps to know what actually matters first.
Self-employed borrower
Lenders do not distrust self-employed people.
Going through a divorce
Leaving your name on the old mortgage after the divorce is a common mistake.
Retired or near retirement
Some loan officers do not know the rules that let retirees qualify.
Real estate investor
Investment loans cost more than loans for the home you live in.
Veteran homebuyer
The VA loan needs $0 down and skips monthly mortgage insurance, but many sellers and agents still misunderstand it.What actually changes
The loan products are the same for everyone. What changes is which part of your file the lender stares at.
- First-time buyer
- The down payment, and whether you clear the 3 percent conventional or 3.5 percent FHA floor.
- Self-employed
- Net income after write-offs, not revenue. Two years of returns is the normal ask.
- Going through divorce
- Whether one income alone carries the payment, and what buying the other person out costs.
- Retired or near retirement
- Proving income that is not a payslip: assets, pensions, and social security.
- Real estate investor
- The property's own cash flow, and the reserves you hold after closing.
- Veteran homebuyer
- Entitlement. With full entitlement there is no loan limit at all.
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