1.) Credit Score
With higher scores, you will be eligible for more programs at lower rates. It is important to do a credit analysis at least once a year to keep track of your credit especially in the age of identity theft!

2.) Loan-to-Value (LTV)
The amount you are planning to borrow divided by the value of the property. The more money you are willing to put down on the house not only will your payments be lower the more likely you will be eligible for a better loan program.

Example: The home is valued at $100,000. You put down $5,000 and borrow $95,000. The loan to value would be 95%.

Knowing how much money you can put down on a house, if any, will help determine what loans you are eligible for. Depending on credit score you can put down as much as you want or as little as possible depending on the program.

3.) Loan Amount:
Your loan amount can also drive what programs you are available for. Larger loan sizes may indicate the need for a Jumbo loan. Smaller loan amounts many times result in interest rates that are a bit higher.