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|How to apply for a loan in the United States?
If you measure interest rates, loan criteria, and self-deposits to determine what you can afford, the rest of the banks will consider your salary, debt and credit to determine the amount of your loan.
Many investors may prefer to use the "quick calculation" method, which uses the computing function of online websites to estimate.
Of course, by typing in salaries, daily expenses, and credit lines, you can really quickly come up with potentially viable loan lines.
However, the quick method is only a rough estimate.
In fact, the amount of credit you get still depends on the criteria of different lenders.
The following two tips may be more accurate in determining whether you are eligible for a particular project loan:
Loan Tip 1:
Debt-to-Income Ration (DTI) Lenders usually use debt divided by salary as a benchmark to judge your repayment ability.
The main thing is to make sure that your salary can be paid:
Monthly housing loan expenditure; Other debts:
credit cards, car loans, school loans, etc.
If you have a very high percentage of your monthly salary to cover all kinds of loans, it will, in contrast, reduce your basic expenses, such as food, clothing, housing and transportation.
According to statistical analysis, the probability of timely repayment is lower for those with high burdens.
1. Housing loan related expenditure:
Principal, interest rate, housing tax and housing insurance; Community fees:
including cleaning fees, management fees, etc.
Other additional items:
such as flood insurance and other additional insurance.
2. Overall debt ratio:
The overall debt ratio is more important than the mortgage debt ratio.
To extend the above example, the monthly salary is 6,000 yuan, the total expenditure on mortgage and other debts is $2460, and the DTI is 41%.
This ratio is acceptable to most borrowers.
However, once the proportion exceeds 50%, you are usually rejected by conventional loans, and a few people can apply for money through FHA.
Loan Tip 2:
Choosing Loan Projects For new buyers, the choice of loan items will affect the repayment ability.
Overall, there are four common loan programs in the United States:
1. Conventional loans:
The borrower's mortgage will be sold by the bank to Fannie Mae Fannie Mae and Freddie Mac Freddie Mac, the largest debt investment companies in the United States.
Because of the high risk of subprime investment, such loans need to pay a higher down payment and strict auditing standards.
2. Federal Housing Administration (FHA):
Sponsored by the U.S. government, it is specifically aimed at low- and middle-income borrowers who cannot pay more than 20% of the down payment.
Generally speaking, this scheme is applicable to the first purchasers and those with poor historical credit.
Veterans Administration (VA):
Provided by the Veterans Administration of the United States to assist servicemen and veterans in applying for loans.
4. US Department of Agriculture (USDA):
Also known as rural development loans.
The purpose of this loan is to encourage buyers in rural areas and small towns.
As the loan quota of local banks in such areas is usually lower than that of big cities, it is hoped that through preferential measures, the local real estate market will be revitalized.
If the buyer's credit score is above 580, the FHA loan only requires the buyer to bear a 3.5% down payment.
FHA's lending standards are also more relaxed than conventional loans, although DHI is more than 50%.
If employment, credit scores, account deposits and other assets perform well, there is still an opportunity to apply for funds.
However, in order to avoid a repeat of the subprime tragedy, FHA recently raised the requirement of mortgage insurance premiums.
When FHA is increased, it may even exceed the amount required for conventional loans.
Generally speaking, for the buyers who are eligible for rural development loans and military loans, these two types of projects still have the highest loan quota and will cover the payment of deposits.
Generally speaking, foreign buyers do not apply the above mentioned loan methods.
If you want to buy a house in the United States, you need to contact real estate brokers to find the right lending bank through them.
Foreign buyers with US passports, green cards and H1B work visas are eligible for regular loans.
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