4 Thoughts on How do you qualify for a mortgage loan?
  1. Reply
    the kid
    January 31, 2014 at 8:37 pm

    They have good credit, and a steady job that provides the amount of income necessary to pay the mortgage.

  2. Reply
    January 31, 2014 at 9:22 pm

    Credit score of 680 for an FHA loan
    750 for a conventional loan
    2 years full time employment, you need to provide Tax Returns and bank statements
    Low debt
    cash for down payment and closing costs

  3. Reply
    Papa Bondy
    January 31, 2014 at 9:52 pm

    If its for residential, try looking here – http://www.timevalue.com/products/tcalc-financial-calculators/mortgage-qualification-calculator.aspx
    If its for commercial, try here – http://www.officespaceheaven.com

    Hope that helps.

  4. Reply
    January 31, 2014 at 10:43 pm

    At a high-level glance, lenders look at two things when determining if you are able to qualify for a home loan: your ability to repay the loan and your willingness to repay it.

    Ability to repay – Are able to repay the loan for which you are applying. The lender looks at your current employment. Have you been in the same job for at least two years or at least the same line of work for a few years? This shows the lender that you have steady employment, and it’s a great plus in qualifying for a home loan.The lender also looks at your total income and compares it to your debts, adding in your proposed monthly mortgage payment. You must have sufficient income to comfortably make these payments.

    Willingness to repay – Lenders determine this by looking at how you have paid off debt in the past, and it is one reason why lenders check your credit report. If you have faithfully made on-time payments toward your past debts, it helps you when qualifying for a home loan. The lender also looks at how you intend to use the property that you are buying. If you plan to live there, it is more likely that you will repay the loan.

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