Based on our personal experience, the 3 most critical factors to qualifying for a mortgage are:

  1.  stable income that can be proven
  2. down payment
  3. good credit score

If you are currently employed and can show a stable employment history over the past few years, that’s a good thing. Be prepared to show Federal and State tax returns over the past year or two. Be prepared to show bank statements and prove how you accumulated the money for the down payment. One of the first things a lender will do is order a credit report. To be proactive, order your own credit report at Check to see if there are errors on your credit report. If there are errors, follow the instructions provided by the credit bureau to make corrections.

Federal Requirements

The Federal Government regulates the mortgage industry, so there are requirements that borrowers must meet. The following article lays out the new rules regarding mortgages. To learn more about the new rules regarding mortgages, click here.

How to Find a Good Mortgage Lender/Broker

Ask your Real Estate Agent for recommendations. Real Estate and Mortgage Financing go hand in hand. Undoubtedly, your Real Estate Agent will be able to make 2-3 recommendations. Do a few Google searches on the recommendations to make sure there are no red flags. Check their website for biographical information and references/testimonials.

The opinions expressed herein are solely those of the Author/WebMaster. Before taking any action, please consult your real estate, financial, and legal advisors.