Can I Really Afford to Buy a Home?
Buying a home can actually be more affordable than you may think, especially for first-time homebuyers.
Financing Done YOUR Way
Financing should be convenient and simple
We get it, between all of the questions on the application and the paperwork required, getting a home loan can seem complicated and overwhelming. Abodefy works with First Choice Lending to significantly streamline the process.
Where do I start?
The loan application is accessible on our site. You can easily complete your loan application online and obtain a pre-approval to buy the home of your choice within a matter of minutes.
Discover your Buying Power
The Abodefy loan calculator can help you set your shopping budget. Abodefy offers financing options that work quickly for pre-qualification within minutes and pre-approvals within 24 hours get pre-approved. The process is all completed online to make it convenient and private for you.
Set your budget with our Loan Calculator
We take the paper out of paperwork
We provide simple upload options so you can provide all required documentation through our website.
We keep the paper to a minimum. Even your closing documents can be signed digitally.
Click to Buy
Abodefy homes can be purchased on the site. We’ve created a fully enabled platform with convenience, trust, and transparency in mind. All terms, from price to closing details, are fully disclosed and easy to understand. The Abodefy buyer portal will provide you with visibility of all your purchase documents, display meaningful transaction milestones, and communication all in one place.
See Homes That Can be Purchased Online
Do I have to finance my home through Abodefy?
You don't have to use our lender, but we hope it will be the best option for you. Our lender is accessible through our website to make the entire process from application to closing digital and convenient. Because we've streamlined our lending process, we are often able to pass those savings along to our buyers through special discounts in fees and/or interest rates.
Start the Pre-Approval process with Abodefy
Of course, you can finance your home through any lender of your choice (or pay cash) and our transaction team will be ready to jump in and help facilitate the process.
How Can We Help?
Check out the answers to some of our most common questions.
Our Loan Calculator can help you determine how much you can afford when setting your budget.
There are a number of factors to consider when trying to figure out what kind of price range you should be shopping in:
Income
A safe number that most lenders rely on is 30% of your gross income. In fact, 28% of your gross monthly income is a practical range to use when figuring out your housing expenses.
Credit Score
Most lenders will want to see a credit score above 620, although some lenders may offer loans for scores as low as 500.
Down Payment
The amount of money you can put down on the purchase of your home, the less you will need to borrow keeping your monthly payments lower and possibly improving your interest rate.
It is important to know what your credit score is as you shop for you home and apply for financing. The higher your score, the more likely you will be to get approved for financing with the best possible interest rate.
While shopping for a home loan can temporarily lower your score, the impact is typically minimal (around 1-5 points).
A pre-approval from a lender will be based on the general credit worthiness of the buyer. You can obtain a pre-approval for financing prior to picking the home you are going to purchase. During the pre-approval process, the lender will typically check your credit score, verifying your income with documentation like past w2s, tax returns, check stubs, and/or bank statements, and verify your current employment status.
Once you are in contract on a house, the lender will ask for an appraisal on that property to verify its value is in alignment with your purchase price. A full loan approval will be based on both the buyer criteria and the property criteria.
While there are some loans available that don't require a down payment, in most cases the more money you put down the more likely your lender is to provide you with a lower interest rate.
The amount of down payment required can differ with various loan types. A conventional loan can sometimes require as little as 3% downpayment. FHA loans typically require 3.5%.
Once you are pre-approved for financing, it is best to explore all available options with your loan professional.
You can if it is an Abodefy exclusive listing. We want to make the process as simple and friendly as possible so all Abodefy listings can be purchased online.
If you are pre-approved for financing within the range of the property sales price, you will see our Buy Now option.
If you have not completed an online pre-approval through Abodefy, you can start the process here.
If you would like to pay cash for the home you are shopping for, or if you are pre-approved with another lender, you can create a Buyer Profile and upload supporting documentation here. Once this documentation has been reviewed, the Buy Now option will become available on the Abodefy listings you view.
If the property you are viewing is listing by a real estate agent, you will need to contact that agent or your buyer agent to proceed with that purchase.
Other Education
Financing Your Home Purchase
If you are a first-time homebuyer, chances are that financing this purchase is most likely. Step one is figuring out what purchase price you can afford.
How Do I Shop for a House Online?
Is buying a house online really possible? Abodefy is answering that question with an affirmative YES!