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Please let me know what the minimum credit score that a mortgage company is looking for to approve you for a load. Plus if you know what documents are needed to show a mortgage company I would greatly appreciate it!!

4 Thoughts on What are the requirements to obtain a mortgage?
  1. Reply
    fukinluckyfuker
    March 18, 2012 at 9:42 am

    Usually you’ll need a 580-620 score to get 100% financing. 620 and above to get good 100% financing.

    You’ll typically be asked to provide 1-2 months bank statements, 30 days of paystubs, and your last 1-2 years of W-2’s.

  2. Reply
    condorcall02
    March 18, 2012 at 10:37 am

    It all depends on how much money you are planning on putting down. If your willing to put down 10% they will go down to 550. they need pay stubs from the past 2 months, 12 months of bank statements showing deposits, and past 2 yrs W-2’s. If you have assets you will have to verify them also.

    [email protected]

  3. Reply
    pa9876
    March 18, 2012 at 10:56 am

    660 stated income verified assets, meaning that you state the income for the job you are at (it has to be resonable, most lenders check out the averages income on salary.com) and verify your assets. (you have to have a total of 2 times your income that you state and 2 times the principal and interest amount that your new loan will be.) Some programs allow you to state your assets as well. Most companies will approve anyone or your loan officer will do what they can to approve you for your loan.

  4. Reply
    kevingeorgecampbell
    March 18, 2012 at 11:03 am

    The lowest credit score possible is 350 and I have lenders that will lend money to a borrower with that score.

    Your credit and income documentation is not an issue these days. If you are ready to buy and you feel you can afford the payment comfortably, then I can get you qualified to buy a home. The real question is whether it is a good idea for your situation.

    Just because you can buy a home doesn’t mean you should. Considering the benefit to you over the long term is what a real loan qualification looks like.

    The thing you really have to look at is what you can get for what you can qualify for and what you will have to pay. The good news is that even though your mortgage will probably be higher than your rent, your mortgage payment is tax deductible.

    The other thing to consider is that right now it is a good time to buy becaue Reasl Estate prices are coming down and the rates are still really low.

    Overall I want you to know that you can qualify if you want it bad enough, just don’t be so quick to get into the first loan that you can get. You do have options and you still can hold out for a good loan.

    If you want my help you can email me and we’ll put something together.

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