Home Buying in 70605>Question Details

Meredith, Home Buyer in

How do I get preapproved for a home loan? And how do they determine the amount?

Asked by Meredith, Wed Jan 25, 2012

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7
Hi Meredith, the video I posted has all the information you would need to know about getting preapproved. Your very first step would be talk to a lender, they would point you in the right direction! good luck!
1 vote Thank Flag Link Thu Feb 2, 2012
Hi Meredith,

You can get pre-approved by a bank, mortgage lender or broker by applying for a loan and providing pay stubs, w-2s, tax returns and bank statements.

The amount you qualify for will be based on your income, down payment and the loan program you qualify for.

Depending on where you want to live/buy in Lake Charles you maybe eligible for a no money down USDA mortgage.

Please feel free to contact me if you would like more information or help with getting pre-approved.
1 vote Thank Flag Link Wed Jan 25, 2012
Good morning Meridith.

Very simple,

Credit score of 640 or greater
more income to debt to justify your purchase
Continued Work history of approx 2 yrs, unless you you are working straight out of school (not highschool!)


Please give me a call, I can go over all available loan programs

I am in Baton Rouge,

Michael Andries

Licensed Loan Officer
Mortgage Financial Services
Baton Rouge, LA
225-247-3360

NMLS 111674
0 votes Thank Flag Link Mon Jan 30, 2012
Meridith, please take a minute to read this article about the Pre-Approval process which should give you a better idea of how that works: http://www.trulia.com/blog/elliott_r_oliva/2011/12/pre-apppr…
0 votes Thank Flag Link Wed Jan 25, 2012
you may talk to a mortgage banker.So you will get the answer.
0 votes Thank Flag Link Wed Jan 25, 2012
A local mortgage lender can run your credit, ask a few questions about your finances, and give you an answer pretty quick. The amount you can borrow is based on your income compared to your debt. I can recommend some lenders if you need help.
0 votes Thank Flag Link Wed Jan 25, 2012
Go to a local lender in your area, They will load you in a program determining income to dept ratio etc.
Then get with a Realtor. If your not sure how to pick a lender. Ask a Realtor who has done a good job for them in the past.
0 votes Thank Flag Link Wed Jan 25, 2012
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