What Do I Need To Qualify For A Loan

Dated: 06/04/2019

Views: 36

Image title



Before you start searching for your new home, the first step is to speak with a lender anddetermine your budget. This is being pre-qualified for a loan. Once you find the right home,then your lender will order an appraisal of the property and complete your financing. If this isyour first home purchase, or if it’s been awhile since you’ve purchased, understanding how toprepare for the qualifying process is the first step to success. 


What do I need to qualify for a home loan? 

When preparing for your meeting with the lender gather all the pertinent documentation andbring them with you. The lender will want to see 2 months of employment pay stubs and bankrecords as well the past 2 years of tax returns. After reviewing your income and savings, thelender will also order a credit report which shows all your recurring debt and payment history.This will be used to determine your ability to pay the proposed mortgage. 


How does credit, down payment and income affect my ability to get a loan? 

There are a variety of loan programs available. From 0% down VA loans to traditional 20%down loans, your lender will review all your options with you so you can determine the bestprogram. Some government guaranteed loan programs, such as the VA or FHA, are morelenient with your credit score requirements as well as other qualifications, such as savings andincome ratios.Qualifying for a home loan might feel overwhelming, but your lender can walk you through theprocess and requirements. After learning your options, you can make the best financialdecision for your new home loan.

Blog author image

Jason McLaughlin

Jason has lived in the Golden and Arvada area for more than 25 years attending Golden High School and then later gaining a Bachelors of Science Degree in Organizational Leadership and Emergency Manage....

Latest Blog Posts

Young FirstTime Buyers Are Saving For Their Dream Homes

Young First-Time Buyers Are Saving for Their Dream Homes Young buyers (Millennials & Gen Z) have waited longer than previous generations to enter the housing market for their

Read More

Home Improvements With High ROI

Is your house a little dated? Do you want to make some improvements or upgrades but also want to make sure that you get the best bang for your buck if you decide to sell? Not all home improvements

Read More

Renting Or Owning What Is Better For You

Renting or Owning, What Is Better for You? In a real estate market where home prices are rising, many have begun to reexamine the idea of buying a home, choosing instead, to rent for a while.

Read More

Simple Ideas For That Special Touch

So, you're on a budget and want to stage your home to get ready to sell.There are many, many things you should do, like de-clutter and remove as many personal items as you can.  You want the

Read More