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tell me mortgages qualifications PLEASE

Howdy,I done been planning to gets me family a mortgage loan so thats I can get me a new roof over are head.Cud anyone tells me the basics to get started ?Please tells me what to do so I can get outta this here trailer park and live thee american dreams. by cadengeorgia from Macon, Georgia. Sep 14th 2009 Reply


Linda Miller (Linda Miller)
#2 ranked lender in Utah - 566 contributions

There are three things to consider.1. Credit - your score needs to be above 620. To get the best rate you need a score of 700+. For a score of 620 you are looking at a rate of 5.5% to 5.75%. 2. Income - you need to have an income of about 30% housing cost to income. So if the mortgage payment (with taxes and insurance) is $1,000 you will need an income of $3,500. Your total debt can't be over about 50% debt to income. Based on the above example - with $3,500 a month income the total debt (credit cards, car payment and mortgage) can't be over $1,750. If both spouses work and you want to include all income, then both spouses will need to have a 620 or above. Also you will need to show 2 years employment at the same job or same profession.3. Assets - If you or your spouse is a Veteran, then a VA loan is possible at 100% loan (no money down) is possible. The next best loan is an FHA loan which requires 3% down payment. Then they usually require at least 3 months of payments in some type of account to show you can make your payments. If you think you can meet these requirements, give me a call at 866.500.1042 Extension 3133.Linda Miller

Sep 14th 2009
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