Am I qualified to purchase a home? Am I qualified for a mortgage loan?
The 3 key factors to get approved for a loan
1- Income: Your income has to be high enough to cover your mortgage payments and other obligations/debt.
2- Credit score: Minimum scores depend on the lender and program. Usually, you will at least need a score of 680.
3- Down payment: There are programs out there which will not require a down payment. The lower your downpayment is, the more strict the qualification process will be for both you and the subject property. There are programs like FHA that require a 3.5% downpayment. There are insured conventional programs that will required between 5-20% downpayment. Conventional loans require 20% or more downpayment.
If you have any questions about home purchase financing, please contact me at 812-369-0785 or email at Juan@JuanSells.com