You need generally three lines of credit open for at least two years and a FICO
Score of 630 plus.
Also, depending on where in the County you are buying a property, one needs a down payment
Ranging from 0 to 20%.
Of course one can arrange gifts from family members for the down payment or closing costs;
but other money has to be seasoned In your Bank or Stock account for sixty days at least.
One also needs a work history of at least two years in the same field.
It's also critical that once in contract you are able to close the deal, by staying employed till
Closing. As the Bank will check that you are employed before they fund the loan.
Now in the event you are self employed, all of the above will apply but it then become more critical as to
What your Net Income is after expenses of running your business and what you qualify for.
Any other questions do let me know or call.
I recommend you have a meeting with a mortgage professional. Keep in mind that you may also have a budget which is important to you.
Have an amazing day!
Keep in mind that your total debt to income ration can NOT exceed 45% on conventional financing.
Conventional will go to a maximum loan amount of $625k.
FHA will go to a maximum loan amount of $725k.
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