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My best advice is to talk to a mortgage lender. There are a lot of moving parts that go into finding out how much you can afford. It's more than just an online calculator. The online calculator doesn't know your whole situation or what kind of a payment you are comfortable with each month. AI is wonderful but there needs to some human intervention. Don't leave this part of the process to chance.
No, you should talk to a lender first. The real estate professional is not going show you homes until they have a prequalificaiton letter a mortgage lender. That letter is the first thing they will ask you for, if you haven't been pre-qualified they tell you to go talk to a lender first.
Until you are prequalified you won't know what price range of homes you should even be looking at or thinking about.
Perfect credit is an old myth that is not true. A 620 FICO score is all that is needed in most cases. Sometimes we can even go down to a 580 FICO. If you need to raise your score your mortgage lender, someone who works with score improvement every day, can help you put a plan together.
If you think yoiur score is lower than a 580, you should still talk to a lender. That higher score maybe closer than you think. Talk to someone, like Linnea at the Clayton Team, that knows credit inside and out.She has helped 100's and 100's of homebuyers improve their scores.
Absolutely I can help you with a VA home loan. I am a Certified Veteran Lending Specialist, a Certified Military and Veteran Lending Advisor, and a Certified Mortgage Advisor. I have two types of home buyers I am passionate about working with; those seeking a VA Home Loan and First Time Home Buyers. If you fit into either of these categories (or both!) you've come to the right place.
You may qualify for a VA loan if you have eligible military service and meet a few basic guidelines.
VA loans are backed by the U.S. Department of Veterans Affairs and are available to:
What determines eligibility?
The main factor is your service history.
Most borrowers will need a Certificate of Eligibility (COE), which confirms you meet the VA’s service requirements. The good news—your lender can usually help you get this quickly.
Beyond service, you’ll also need:
What most people don’t realize:
You may still qualify even if:
Bottom line:
If you’ve served (or are currently serving), there’s a strong chance you may qualify for one of the most powerful home loan programs available.
Not sure if you’re eligible? That’s completely normal—this is one of those quick conversations that can give you a clear answer fast.
Not necessarily. Just because you are a first time home buyer does not mean you have to have an FHA loan. Nor do you have to be a first time home buyer to get an FHA loan.
An FHA loan may be the best solution for many first time home buyers, but there many be other options that may better fit your needs. It is best to talk to a mortgage broker and find out what is the best option for you.
You may qualify for an FHA loan if you’re looking for a low-down payment option and that has flexible credit guidelines.
FHA loans are backed by the Federal Housing Administration and are one of the most popular programs for first-time homebuyers.
You may qualify if:
Why buyers choose FHA:
FHA loans are designed to be more forgiving, especially if:
What most people don’t realize:
You may still qualify even if:
One thing to keep in mind:
FHA loans do include mortgage insurance, which is what allows for the lower down payment and flexible guidelines.
Bottom line:
If you’re looking for a more flexible path to homeownership, an FHA loan is often one of the easiest ways to get started.
Not sure if you qualify? That’s normal—this is a quick conversation that can give you clarity fast.
The old "20% down" myth. The anwser to that is a resounding NO! You do NOT need 20% down. You can buy a home with as little as 3% down (0% if you are currently serving in the military or have served in the past. There are also 0% down loans if you're buying a rural area).
Still don't have enough saved up? We can most likely get Down Payment Assistance. But you will never know until you talk to a lender.
Absolutely you can get down payment assistance (a.k.a DPA) if you are not low income. In fact we do more DPA's for those earning over $120,000 than we do for others. DPA's are available to make sure everyone has a chance at homeownership and to be able to build generational wealth.
DPA's are NOT limited to low income buyers or low income housing.
A USDA loan is a Zero Down home loan designed to help people buy a home with little to no money down in eligible areas.
It’s backed by the United States Department of Agriculture, but it’s not for farms. Nor is it just for rural properties—many suburban areas qualify too.
The biggest benefit:
You can buy a home with 0% down.
That makes it one of the few loan programs that allows you to become a homeowner without needing a large down payment.
Who is it for:
USDA loans are designed for moderate-income buyers who:
How it works:
Instead of requiring a down payment, USDA loans are backed by the government, which helps reduce the lender’s risk.
Because of that, they often come with:
What most people get wrong:
A lot of buyers assume:
Many everyday buyers are surprised to find they qualify based on both income and location.
Bottom line:
A USDA loan is one of the most powerful (and underused) ways to buy a home with little money out of pocket—especially if you’re open to areas just outside major city centers.
You may qualify if:
Not sure? That’s normal. Most people are surprised to find out they qualify.
A pre-qualification is usually the first step. A lender asks about your income, debts, credit, and basic financial picture, then gives you an estimate of what you may qualify for.
But don’t stop there.
What you really want is a true pre-approval.
A pre-approval gives you more confidence, helps you understand your real buying power, and can make your offer stronger when you find the right home.
The problem is that not all “pre-approvals” are created equal. Some lenders offer instant or same-day pre-approvals based only on information entered into an automated system. That may sound convenient, but it can also create problems if the information is incomplete, incorrect, or not reviewed carefully.
For example, if you earn overtime, bonuses, commission, or other variable income, there are specific guidelines for how that income can be counted. If it is calculated incorrectly upfront, your approval could fall apart later when the file reaches underwriting.
A fully underwritten pre-approval is different.
With a true pre-approval, an underwriter has reviewed your income, employment history, credit, and assets before you start shopping. That means your approval is based on verified information — not just a quick estimate.
A pre-qualification is a starting point.
A fully underwritten pre-approval gives you a stronger, safer, and more confident path to buying a home.
An escrow account—also called an impound account—is a savings account your mortgage company sets up to pay your property taxes and homeowners insurance for you.
Instead of you paying those large bills all at once, a portion is collected each month as part of your mortgage payment.
How it Works:
Each month, your payment is made up of four parts:
The taxes and insurance portion goes into your escrow account. Then, when those bills come due, your mortgage company pays them on your behalf.
Why this matters:
Taxes and insurance are not optional—and they can be large, lump-sum expenses.
An escrow account helps you:
A Quick Example:
If your annual property taxes are $3,600 and your insurance is $1,200, that’s $4,800 per year.
Instead of paying that all at once, you would pay about $400 per month into your escrow account, and your lender handles the payments when they’re due.
One Think to Keep in Mind:
Your escrow payment can change over time.
If your property taxes or insurance premiums go up (or down), your monthly payment may adjust to make sure there’s enough in the account to cover those bills.
Bottome Line:
An escrow account is simply a way to spread out large expenses into manageable monthly payments—and make sure nothing important slips through the cracks.
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