Need to get qualified for a mortgage!

Alistair · #1 05-22-2009, 11:13 AM

Hello all, I have been planning of taking a mortgage loan and in this perspective I have been getting the necessary information. What are the necessary requirements that are required to get qualified for a mortgage?

Richard · #2 05-22-2009, 02:34 PM

Yes, there are certain qualifications that you need to get to make it for a mortgage loan. Mortgage qualification involves calculation about your affordability and credit worthiness. Making it through the qualification process also involves getting your credit scores in a good shape so that you are not turned down on your financial requirements. There is bad credit mortgage available to help you get your needs fulfilled in spite of the un-desirable situations.

Amy · #3 08-14-2009, 03:44 AM

To get a pre-approval of your mortgage loan, basically you will need:

1. to prove your credit worthiness, your FICO scores
2. to prove that you have adequate income to support your mortgage payment and living expenses. This will be determined by your debt to income ratio.
3. to have a down payment (3% at least for FHA loan, or more for conventional loans)

I would call a mortgage broker to find out about loan programs, interest rates, documentation, etc.

Good luck with your purchasing of a new home! Be sure to get a loan that you can afford for long term. And don't fall for short termed adjustable rate mortgage although the initial payments may be very low.

And also don't forget to shop around for the best rate and closing costs.