Pre-approval Guide (1) - Flipbook - Page 6
W HAT IS IMPORTANT TO
QUALIFY FOR A
MORTGAGE?
THERE’S MANY FACTORS THAT GO INTO
QUALIFYING FOR A MORTGAGE, BUT THESE ARE
A FEW OF THE MOST IMPACTFUL:
Credit score & history. Programs are available
for credit scores as low as 580. The higher the
credit score, the more options are available.
Debt to income ratio (debts on the credit
report compared to monthly gross income). For
most mortgage programs, your minimum
monthly payments (according to your credit
report), plus the estimated mortgage payment
need to be under 45%-55% of your gross
monthly income.
Assets for down payment. More assets o er
more üexible ûnancing options.
Stable employment history for the past 2 years
(time in school can also be used in lieu of
employment history).
