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Originally Posted by ///WORK-F36
Lenders look at 3 things for approval....credit, income, and value of the home in relation to what you're borrowing.
The rates are determined by risk, which is a combination of the credit score and the loan-to-value percentage (loan amount divided by value of home). The higher the credit, and lower loan-to-value, the less risky it is, which equates to a better rate.
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Pretty much. Those are the big ones, they also take into consideration the type of employment. I was largely freelance (1099) which actually made it more difficult to qualify as I didn't have a steady salary (w2).
My biggest advice for buying a house in SF, is be prepared to move fast and have everything ready because it is extremely competitive and in many cases houses sell for $100-150 over asking.