A mortgage is financing secured by residential property and repaid over an agreed term. The property, borrower finances, and loan program all influence the available options.
Kennify helps users find and understand financing pathways. Kennify is not a lender, and independent providers make all eligibility and approval decisions.
Home purchases and first-time buyers
First-time homebuyers may encounter programs with different down payment, mortgage insurance, occupancy, or education requirements. Compare the full eligibility rules rather than focusing on one advertised feature.
Down payments and closing funds
The required down payment varies by program, property, credit profile, and provider. Buyers should also plan for closing costs, inspections, insurance, taxes, and an emergency reserve after closing.
Credit, income, and debt
Providers generally review credit history, documented income, employment or self-employment records, current debts, and the proposed housing payment. They may calculate debt-to-income ratios to assess whether the payment appears manageable.
Documentation and loan terms
- Income statements or tax documents
- Asset and bank statements
- Identification and housing history
- Property contract and appraisal information
- Interest rate, annual percentage rate, term, fees, and payment structure
Different borrower situations
Self-employed applicants, buyers with limited down payments, and borrowers rebuilding credit may face different documentation or program requirements. The right path depends on the complete situation, not one factor alone.