Getting qualified for a home mortgage is like completing a puzzle where all the pieces must fit altogether.
Mortgage qualification depends on the following:
1. Monthly Income
2. Total monthly debt (credit cards, loans, unsecured debt)
3. Qualifying credit score
4. Down payment required depending on the loan program
5. Liquid assets or reserves that is seasoned in the bank for at least 2 months
6. Employment history of at least 2 years on the same line of work and same type (W2 or 1099)
7. Income tax returns
8. Once the complete file is ran on the AUS (Automated Underwriting System), it must have an "approve" result.
Looks confusing? Don't fret because I do this all the time. I pre-approve clients from first -time home buyers to repeat purchasers (2nd home or Investment properties).
Let me know how I can help!
All Western Mortgage