Purchasing a home starts with understanding your financing options. From mortgage qualification and down payment requirements to choosing the right loan program, iLoan helps you explore purchase mortgage solutions designed around your homeownership goals.
Questions About Purchase Financing? Call (888) 416-4805 →
Mortgage qualification involves more than your credit score. Lenders review your financial situation, the property, and the requirements of the mortgage program you’re considering. Understanding these factors can help you prepare.
Your credit profile helps lenders evaluate how you’ve managed borrowing obligations. Requirements vary by mortgage program, credit history, and lender guidelines.
Lenders review qualifying income and employment or business income history to assess your ability to make mortgage payments.
Your debt-to-income ratio compares certain monthly debt obligations with qualifying monthly income. It helps lenders evaluate whether a proposed mortgage payment fits within program guidelines.
Down payment requirements vary by mortgage program. Lenders may also review available funds for closing costs and any required financial reserves.
A credit score is only one part of the mortgage qualification process. Lenders also evaluate qualifying income, monthly debt obligations, available assets, property eligibility, and the requirements of the loan program.
Understanding these factors before applying can help you explore realistic financing options and prepare for the next step.
A little preparation can help make the mortgage application process smoother.
Mortgage eligibility and underwriting requirements vary by loan program, borrower qualifications, property characteristics, and applicable lending guidelines. This information is educational and does not constitute loan approval or a commitment to lend.
Choosing a purchase mortgage means comparing more than interest rates. Down payments, mortgage insurance, borrower eligibility, property requirements, and long-term costs can vary by loan program.
A popular option for qualified borrowers purchasing a primary residence, second home, or eligible investment property.
FHA-insured mortgages may offer flexible credit qualification guidelines and lower down payment requirements for eligible homebuyers.
VA-backed purchase mortgages provide financing benefits for eligible veterans, service members, and certain surviving spouses.
USDA-backed mortgages may offer no-down-payment financing for qualifying buyers purchasing eligible properties in designated areas.
Jumbo financing may provide purchase mortgage options for higher-priced properties requiring loan amounts above applicable conforming limits.
An iLoan lending professional can help you compare program requirements and financing options.
Down payment amounts and mortgage program features are subject to eligibility, lender guidelines, property requirements, and applicable program rules. VA funding fees, USDA guarantee fees, and other closing costs may apply. Not all borrowers qualify.
Your down payment is only one part of purchasing a home. Understanding closing costs, mortgage insurance, prepaid expenses, and monthly housing payments can help you prepare for the financial side of homeownership.
Your down payment is the portion of the purchase price you pay upfront instead of financing through your mortgage.
Closing costs may include lender fees, appraisal expenses, title services, recording charges, and other expenses associated with the transaction.
Some mortgage programs require mortgage insurance premiums or government funding and guarantee fees that affect the overall cost of financing.
Property taxes, homeowners insurance, prepaid interest, and escrow deposits may affect the amount needed at closing.
Consider a hypothetical $350,000 home purchase with a 5% down payment. This example illustrates how the purchase price and down payment determine the base mortgage loan amount.
Actual financing costs depend on your loan program, credit profile, interest rate, closing expenses, and other factors.
Explore the Purchase Calculator →This simplified example excludes closing costs, prepaid expenses, mortgage insurance, and any financed program fees. It is not a financing quote or loan approval.
Explore our mortgage calculators or connect with an iLoan lending professional to discuss your financing options.
Examples are provided for educational purposes only. Actual down payment requirements, closing costs, mortgage insurance, fees, financing terms, and eligibility depend on borrower qualifications, property characteristics, and loan guidelines.
No two home purchases are exactly alike. Your financial situation, property type, down payment, and long-term goals can influence which mortgage programs may be worth exploring.
First-time buyers may benefit from exploring low down payment programs, available assistance, and mortgage options with flexible qualifications.
Explore First-Time Buyer Options →Buyers selling an existing property may need to consider available equity, sale timing, down payment funds, and the financing of their next home.
Explore Conventional Financing →Some eligible buyers may qualify for mortgage programs that require smaller down payments or offer financing without a down payment.
Explore Down Payment Options →Eligible veterans, service members, and certain surviving spouses may qualify for VA-backed financing with valuable purchase benefits.
Explore VA Home Loans →Buyers purchasing higher-priced properties may need to compare conforming loan limits, jumbo financing, down payment requirements, and reserve guidelines.
Explore Jumbo Financing →Investment property buyers may explore conventional financing or eligible DSCR loan programs that evaluate property cash flow under specific lending guidelines.
Explore DSCR Financing Scenarios →Choosing the right purchase mortgage involves more than finding a loan program with an attractive interest rate.
Your down payment, monthly payment, mortgage insurance, closing costs, and long-term homeownership plans can all influence which financing option makes the most sense for your situation.
Compare Total Financing Costs Look beyond the interest rate to evaluate mortgage insurance, fees, and estimated monthly housing expenses.
Understand Your Cash Requirements Consider down payments, closing costs, prepaid expenses, and any applicable reserve requirements.
Think About Your Long-Term Goals Your plans for the property, expected ownership period, and financial priorities can affect your financing decisions.
Understanding these details can help you compare purchase mortgage options with greater confidence.
Consider principal, interest, taxes, insurance, and applicable mortgage insurance.
Review the down payment, closing costs, prepaid expenses, and eligible credits.
Understand the applicable premiums, funding fees, or guarantee fees.
Compare repayment periods, interest rate structures, and payment implications.
Review borrower qualifications, property requirements, and applicable loan guidelines.
Explore loan programs, compare financing scenarios, and connect with iLoan when you’re ready to move forward.
Mortgage programs, rates, payments, fees, and eligibility vary based on borrower qualifications, property characteristics, lender guidelines, and applicable loan terms. Information is provided for educational purposes and is not a loan approval or commitment to lend.
Explore answers to common questions about purchase mortgage financing, qualification, loan costs, and the approval process.
A purchase mortgage is financing used to buy a residential property. The mortgage helps cover the portion of the purchase price not paid through your down payment or other eligible funds.
Explore our mortgage loan programs to compare financing options.
Lenders typically evaluate credit history, qualifying income, employment or business income documentation, monthly debts, available assets, and property eligibility. Requirements vary by loan program.
Down payment requirements vary. Certain Conventional programs may allow as little as 3% down, FHA financing may allow 3.5% for eligible borrowers, and VA or USDA programs may offer zero-down financing to qualified applicants.
Learn about down payment assistance options .
Debt-to-income ratio, or DTI, compares qualifying monthly debt obligations with gross qualifying monthly income. Lenders use this ratio as one factor when reviewing mortgage eligibility. Acceptable ratios depend on the program and overall application.
Mortgage rates can depend on market conditions, credit profile, loan program, down payment, loan amount, property type, loan term, and other pricing factors. Available rates and fees may change.
A monthly housing payment may include principal, interest, property taxes, homeowners insurance, and applicable mortgage insurance. HOA fees and other property costs may also affect affordability.
Try our mortgage payment calculator .
Pre-approval is a preliminary assessment based on financial information reviewed by a lender. Final approval generally requires satisfactory underwriting, verification of information, property review, and completion of applicable loan conditions.
Some financing structures and loan programs may allow certain costs or program fees to be financed, subject to guidelines. Seller credits or lender credits may also help cover eligible closing expenses. Not every cost can be financed.
Explore our purchase mortgage calculator .
Self-employed borrowers may qualify for purchase mortgages. Lenders generally review applicable business and personal income documentation, tax returns, income history, debts, and other financial information. Requirements depend on the loan program.
Yes. Comparing loan programs can help you understand differences in down payment requirements, mortgage insurance, loan terms, fees, and eligibility. Actual offers depend on your qualifications.
Review FHA, VA, Conventional, USDA, and Jumbo mortgage options.
Whether you’re comparing mortgage programs, reviewing qualification requirements, or preparing to purchase a property, our team is ready to help you explore your options.
An iLoan lending professional can help you understand purchase mortgage programs, qualification guidelines, and the financing process.
Explore Mortgage Programs Compare FHA, VA, Conventional, USDA, and other available financing options.
Understand Qualification Discuss credit, income, debt-to-income ratios, and down payment requirements.
Plan Your Purchase Learn about estimated closing costs, monthly payments, and next steps.
Complete this short form and an iLoan lending professional can follow up about your purchase financing inquiry.
Please do not submit Social Security numbers, bank statements, tax returns, or other sensitive financial documents through this inquiry form.
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