First-Time Buyers: Here’s How to Calculate Your Budget Your DTI compares your monthly debt payments to your gross monthly income (the amount you earn before taxes and deductions). It’s a key factor lender’s use to evaluate your ability to handle mortgage payments. There are two types of DTI: Front-End Ratio: Focuses on housing expenses, including…

Purchasing your first home is an exciting journey, but figuring out how much you need for a down payment can feel overwhelming. If you’re a first-time homebuyer in Metro Detroit or Ann Arbor, Michigan, this guide will help you understand the basics of down payment requirements for popular loan programs. Who is Considered a First-Time…

When applying for a mortgage, providing the right documents upfront can streamline the process and help you avoid delays. Lenders require documentation to verify your income, assets, debts, and overall financial stability. Below, we’ve compiled a detailed checklist based on your employment type (self-employed, salaried, or passive income earners) and other potential requirements that might…

  Spring is in the air, and so is the excitement of first-time homebuyers gearing up for the home-buying season. As you embark on this journey, you might find yourself knee-deep in paperwork, wondering why mortgage lenders request so many documents. In this blog post, I will unravel the mysteries behind the paperwork and highlight…

In the heart of Metropolitan Detroit, the dream of homeownership beckons to first-time buyers. As you embark on this exciting journey as Detroit first-time home buyers, understanding the basics of qualifying for a mortgage is paramount. This multi-post guide will take you through key steps, terms, and considerations to ensure a smooth path to securing…