Preparing to qualified for a home loan
There are three main things lenders look for among others.
- 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.
- Your Credit Scores must be 620 and above. This is from all three credit bureaus. Transunion, Equifax, & Experian.
- 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.
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To find out your credit score for free sign up at Credit Karma
To Get your free annual Credit Report.
https://www.annualcreditreport.com/index.action
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When you meet with a mortgage broker please have the following documents.
- Last 2 years income tax filing/returns
- Last 60 days Paystubs
- Last 3 month’s bank statements
- Copy of License and Social Security Card
Courtesy of Jose De Jesus of www.rpmshomes.com