Preparing to qualify for a home loan

Preparing to qualified for a home loan

There are three main things lenders look for among others.

  1. Must have a two-year work history with the same company or in the same line of work. This is proven with the last two years tax returns.
  2. Your Credit Scores must be 620 and above. This is from all three credit bureaus. Transunion, Equifax, & Experian.
  3. Must have a down payment minimum of 3.5% for first time home buyers or 10 to 20% for others.

There are other stipulations that a bank will require in order to give you the money.

We recommend speaking to a Mortgage broker to get advice on your particular situation.

Other factors to consider are income and debt.

Keep your debt low by paying your credit cards to 30% or below of their limit.

Clear all of your collections.

Do not go part time if you are employed full time.

Do not take on new debt.


To find out your credit score for free sign up at Credit Karma

To Get your free annual Credit Report.


When you meet with a mortgage broker please have the following documents.

  1. Last 2 years income tax filing/returns
  2. Last 60 days Paystubs
  3. Last 3 month’s bank statements
  4. Copy of License and Social Security Card


Courtesy of Jose De Jesus of