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To what extent is mortgage qualification dependent upon income?

Asked by Trulia Las Vegas, Las Vegas, NV Mon Feb 11, 2013

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Getting qualified for a home mortgage is like completing a puzzle where all the pieces must fit altogether.

Mortgage qualification depends on the following:
1. Monthly Income
2. Total monthly debt (credit cards, loans, unsecured debt)
3. Qualifying credit score
4. Down payment required depending on the loan program
5. Liquid assets or reserves that is seasoned in the bank for at least 2 months
6. Employment history of at least 2 years on the same line of work and same type (W2 or 1099)
7. Income tax returns
8. Once the complete file is ran on the AUS (Automated Underwriting System), it must have an "approve" result.

Looks confusing? Don't fret because I do this all the time. I pre-approve clients from first -time home buyers to repeat purchasers (2nd home or Investment properties).

Let me know how I can help!

Eugene Prospero
Mortgage Consultant
All Western Mortgage
702.324.2377
Eugene@LasVegasLoanSite.com
0 votes Thank Flag Link Tue Feb 12, 2013
Mortgage qualification depends upon income because a mortgage consultant needs to determine the borrower is able to repay the loan and will not default. That is why, when doing a pre-qualification, the loan officer will pull your credit report and will ask you to bring all income paperwork. He/she will then look at your debt vs. income and will let you know how much you qualify for based on the amount of money you have left from your current debt and what your income is per month.
If you have any more questions you can contact me. 702-460-2196

Lizette V Trujillo
Loan Officer
RMS and Associates
3585 E Flamingo Rd Ste 102
Las Vegas, NV 89121
Main Office (702) 796-3453
Cell (702) 460-2196
NMLS# 423264
"My Commitment, Your Satisfaction"
0 votes Thank Flag Link Mon Feb 11, 2013
I am sure there are some local L.O. experts that can help advise on this.

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Mon Feb 11, 2013
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