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Mortgage Terms & Disclosures Feature Image
Posted on 06/01/2020 2 minute read

Mortgage Terms & Disclosures


Debt-to-income Ratio

Debt-To-Income (DTI) ratio is monthly debt/expenses divided by gross monthly income

Qualifying debt-to-income ratios can vary by the loan program, but typically the lower this ratio the better. A lower ratio is better in terms of risk, but it won’t actually improve the terms of your mortgage. To learn more about your DTI ratio and how it will effect your loan talk to one of our loan professionals.

Loan-to-Value Ratio

Loan-to-Value (LTVs) and Combined Loan-to-Value (CLTVs) may vary by loan amount

Pre-approval

Pre-approval is based on a preliminary review of credit information provided to Homefinity which has not been reviewed by Underwriting. Final loan approval is subject to a full Underwriting review of support documentation including, but not limited to, applicants’ creditworthiness, assets, income information, and a satisfactory appraisal.

VA loans

A down payment is required if the borrower does not have full VA entitlement or when the loan amount exceeds the VA county limits.

VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit guidelines, and property limits.  Homefinity is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency.



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