What are the basic requirements for a mortgage?

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What do mortgage loan brokers look at when you’re trying to finance a home for the first time..besides FICO Score? Like how many years on a job do you need? ..and so forth?

6 Comments
  1. Reply
    iceman
    April 30, 2011 at 12:24 am

    It really is a combination of a few things..Your lender is going to look at your entire profile and make a desicion based on that.

    – Your income.
    – Your downpayment
    – your credit score
    – Your other debts

    You dont always have to excel at all 4 of these. Typically if you have a great downpayment and income they might ignore a bad credit score. And likewise if your credit score is great they might be willing to take a chance on your with a lower downpayment or lower income. The one thing that many lenders are getting very tough on is zero down loans. All lenders want to see you put at least 5-10% down on the home. That really can lower your rates and get you approved alot easier.

  2. Reply
    baha_smokey
    April 30, 2011 at 12:50 am

    THEY LOOK AT YOUR CREDIT RATING,YOUR INCOME.THEY NEED TO KNOW THAT YOU CAN TAKE ON A MORTGAGE SO MAKE SURE YOU HAVE BEEN EMPLOYED FOR A LONG TIME AND THAT THE INCOME IS STEADY.AT LEAST 3 YEARS..YOU HAVE TO BE ABLE TO MAINTAIN THE HOME..I.E….MORTGAGE,TAXES,ETC…ALSO THEY LOOK AT WHETHER OR NOT YOU HAVE KEPT PAYMENTS UP ON ALL YOUR OTHER BILLS

  3. Reply
    airbob61@verizon.net
    April 30, 2011 at 12:58 am

    Steady employment with substantial spendable income and the ability to qualify for the loan. You will also need a good credit history without any bankruptcies or loan defaults.

  4. Reply
    mazziatplay
    April 30, 2011 at 1:22 am

    2 years in the same profession or, if recently graduated, working in your field of study

    Sufficient cash to close and to cover any cash reserve requirement (emergency fund)

    Acceptable source of cash to close and cash reserve

    sufficient income to service the new PITI (principal, interest, taxes, and insurance payment) and other debt. (These are called ratios)

    Absence of major payment shock (If your rent was $ 350 and your new debt service on thehouse is going to be $ 1100.00 be prepared to explain how you’re going to deal with that)

    Acceptable credit history

    Acceptable appraisal and any required inspections of the subject property.

  5. Reply
    financing_loans
    April 30, 2011 at 2:00 am

    Sorry I had to give Iceman a thumbs down only because of his comment that lenders want 5-10% down to deal with you.

    If you contact the broker, they dont care if you have 5%,10%, 50% down. They just put you in a loan that matches. An FHA or VA loan it doesnt matter if you put 3% down or 0% down or 50% down, your rate is the same.

    Every loan is so different, but you will have to show stable income or experience (ie school).

    Have 2 years income, if your credit is pretty good, you dont need a downpayment. You can use hart ect. You have 100’s of options.

  6. Reply
    Online Help
    April 30, 2011 at 2:59 am

    I Appreciate your thoughts that you know the basic requirements. You can find more information here.

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