Requirements for a mortgage
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What are the minimum requirements I need to meet in order to get approved for a home loan? I prefer to know in advance, before I apply. Thank you
RE: Mortgage requirement
Here are some of the minimum requirements to get approved on a home loan:
- Minimum Fico score of 620 for an FHA loan
- Minimum Fico score of 720 for conventional loan.
- A clean credit report. No unresolved derogatory items (unpaid collections, liens, or judgments). No late payments.
- Minimum 2 years of stable employment.
- Low debt to income ratio. You’ll probably need to provide the previous 2 years bank statements.
- Sufficient income to support the size of loan you’re looking for. You’ll probably need to bring the previous 2 years pay slips plus tax returns.
- Sufficient self funding for a down payment (10%-20%)
- Sufficient funding for closing costs.
If you’re buying the home with your spouse then both of your credit files will be checked. Expect that the lower credit score will determine the lending decision. In some cases they will be willing to use the average score of you & your spouse.
Good luck!
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