you'll want to speak directly to a lender to see if you can be approved now or if it will take some work.
The 3 things we look at in evaluating an application are: income, credit, and assets. Those 3 factors primarily influence what type of programs you are eligible for, how much of a payment you can qualify for, what your interest rate will be, and how much $$ you'll need to come up with to purchase.
Income: lenders want to see that you have stable, verifiable employment and also how much you make. You'll need to provide a 2 year job history as well as recent paystubs, W-2's and tax returns
Credit: your credit score is the best predictor that lenders have on whether you're going to pay the mortgage on time. We look at the scores, your history of paying, and your amount of debts. Not only do you have to show responsibility in paying your debts, but we need to make sure you earn enough to support your monthly expenses as well as any mortgage we're going to give you.
Assets: you'll need to provide a couple month's worth of recent bank statements. Lenders need to make sure you have enough money to cover your down payment, closing costs, and property taxes and insurance. Also, some programs require you have money left over after closing as a safety net (called Reserves). Some programs allow you get a gift from a relative to cover these items.
So grab some of these documents and reach out to a mortgage lender, and you can find out exactly what you need to do. I'd be glad to walk you through the process and help you set up a game plan. Feel free to give me a call or email me with your contact info and we can discuss things in more detail.
Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Direct (248) 945-9070 ext. 278
Toll-free (855) 642-4762 ext. 278
Mobile (313) 622-7383
firstname.lastname@example.org | http://www.pmac.com