How do you qualify for a home mortgage?
Qualifying for a home mortgage depends on whether a lender can determine if you are able and willing to repay the loan, based on your income and credit history. The application process is used to determine if you will have enough income from employment or other sources to allow you to live–and pay the mortgage. This is why the lenders will verify your employment, bank accounts, assets, etc. The lender also looks at your credit report to find out if you have a history of paying bills on time. Your employment is checked to determine if you have been in the same type of work for several years. This qualifies for the best posted mortgage rates. A loan can also be obtained with “stated income”, or a “no income, no asset verification” with good credit. If you are self employed, you may choose one of these options. If you have some credit “challenges” where things don’t look so perfect, I can work with you to clarify the record and ensure that the lender has an accurate picture of your speci
