By now you’re probably aware that banks don’t loan money to just anyone. They want to be certain that you are able and responsible enough to to pay them back, so if you are hoping to qualify for a mortgage loan, some of the things you will need are:
1. Enough money to make the downpayment on a new home (this amount varies, but can go up to as much as 20% of the home’s purchase price)
2. At least two years of steady employment in the same job or field
3. A good credit score (660 or higher is a safe score to aim for)
4. A monthly income that is two to three times higher than your expected monthly mortgage payment.
Those are the four general things you will need to have in order to qualify for a mortgage loan. However, if you don’t have them all, you still have a few options. Don’t just assume that you can’t get a mortgage. You can go ahead and meet with a lender anyway. It won’t hurt to talk to a bank and see whether they are willing to give you a loan or not. Even if they can’t, they can probably still help you by letting you know where your current financial state is deficient, so that you can work towards improving it and towards qualifying in the future. You may also try to use a mortgage broker. A mortgage broker represents many different lenders so they can shop around for you to try and find a lender who will give you a loan. Mortgage brokers charge a fee for this service, but it could be worth it if you can’t get a mortgage otherwise. You could also try and get the owner of the home to finance all or part of the cost of the home. This is difficult to do, but is still worth a try, and you can increase your chances of success by offering a higher interest rate and asking them to finance only part of the cost of the home.
If you are planning to buy a home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
