Home Buying in New Iberia>Question Details

Keralyn Dero…, Other/Just Looking in New Iberia, LA

As long as you have the down payment, are you automatically approved for the home?

Asked by Keralyn Derouen, New Iberia, LA Fri Jun 15, 2012

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Answers

7
Lenders look at several factors before determining if they are going to loan you any money;
The amount of down
Your credit score
Your credit history
Your length of employment
Your income
The House
The value of the house

To name a few. Work with a professional local direct lender and you will know what your options are.
Web Reference: http://www.terrivellios.com
1 vote Thank Flag Link Sat Aug 18, 2012
Good evening keralyn1984,

Your mortgage approval is based on three factors: Income, Assets and Credit. Your Mortgage Banker must qualify you on all three of these important components to a successful mortgage loan application. IF you are qualified across this spectrum then you will find the loan process smooth and easy.

If you are weak in one or more areas then you'll find it more difficult to obtain financing or maybe even impossible. Be sure to work with a reputable local Mortgage Banker.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Sep 27, 2012
no offense, but you dont have a clue. go talk to your banker
0 votes Thank Flag Link Thu Sep 27, 2012
nope nope nope nope nope! why on earth would make you believe that?
0 votes Thank Flag Link Thu Sep 27, 2012
You are on the right path but there are many factors that go into qualifying you for a loan. Call Kim Meche at Universal Lending 337-344-5912. She is great at answering all questions about loans and finding the type of loan that fits your specific needs.
0 votes Thank Flag Link Sat Aug 18, 2012
Unfortuantely, Keralyn, having the down payment does not qualify you for a home. It may give you more options for the type of loan you can get. Contact your real estate agent , your bank and or a mortgage lender to guide you through the process of getting pre approved.
Happy house hunting !!!
0 votes Thank Flag Link Sat Jun 16, 2012
Thank you
Flag Sun Jun 17, 2012
haha...nope.

You have to be credit worthy and be able to demonstrate the ability to repay the loan. But nice try.
0 votes Thank Flag Link Fri Jun 15, 2012
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