What are some of the qualifications needed to obtain a mortgage loan?

Asked by Heather Wilkinson, 61364 Sat Feb 28, 2009

We are first time buyers looking for information on obtaining a loan. Any information would be extremely helpful. Thank you.

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William Chu, Mortgage Broker Or Lender, Elmhurst, IL
Sat Mar 7, 2009
Heather, the basic qualifications include (1) two year employment work history (2) reported credit history (3) repored earned income through W2s or personal tax returns (4) either US Citizen or Permanent Resident. As with previous answers, it is to your benefit to start a conversation with an experienced mortgage professional who you know, trust and or referred to you.
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Sandra Darby, Agent, Marseilles, IL
Mon Mar 2, 2009
Dana is correct you will need proof of income for 2 years, usually tax return, recent check stubs from employment and a list of outstanding loans(car, charges etc.) Right now is the time to buy, interest rates are still low and there are a lot of homes to choose from, plus the first time home buyers tax credit. Find a mortgage broker and get yourselves pre qualified, it will make your home buying experience a lot easier. If you need help finding a broker in LaSalle County contact me. Good Luck!
Web Reference:  http://sandidarby.com
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David Cruick…, , Palatine, IL
Mon Mar 2, 2009
Dana is exactly correct with everything she has said!! Go find a mortgage broker that you can trust who has your interest at heart. If you don't qualify based on what Dana said they should work with you and advise you to make sure that you can in the future. That is the sign of a good broker. I would be glad to help you if you don't already have a broker. Good luck!!
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Dana Schuster, Agent, Slidell, LA
Sat Feb 28, 2009
If you are first time buyers,you can look into an FHA loan which is not credit driven and requires only 3.5% down. You will need to demonstrate a 2 yr. work history,sufficient income to meet not only the monthlynote but taxes,insurance and maintenance. A conventional loan requires a good credit score and at least 20% down. As first time buyers,you would be eligible for the $8000 tax credit if you buy this year. your best bet is to sit down with a reputable local mortgage broker,discuss your options and get yourselves pre-qualified before you begin your house hunt. That way,you know what you can spend and when you find what you want you have your funds guaranteed and can jump right in to make an offer.
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