So you think you might want to buy a home in the near future, but aren’t sure if you’ll meet the stringent guidelines for loan approval. There are many misconceptions about what it takes to be approved. Among these..
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You’ll need 20% down. This is just not true. Granted, you’ll pay more each month for putting down less, plus the added cost of mortgage insurance. But, if you qualify otherwise, you could get by with as little as 3% down. If you’re a veteran you could actually put zero down.
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You’ll need excellent credit. Not so. None of us are perfect. Among the factors that affect the interest rate you’ll receive is your credit score. The higher the score, the better the terms. However, if your credit score isn’t stellar that doesn’t mean you won’t qualify.
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You need to be on your job at least 2 years. Not necessarily. If you are a recent college grad, exceptions to the 2-year rule are commonly granted. Same for people changing jobs with-in their same line of work.
To learn more about whether you will qualify for a new mortgage, please walk through the following series of qualifying questions. It’s free, and there is no obligation. To get started, click below..