Do I Qualify For A Mortgage Loan?

You Will Qualify

Do I Qualify for a Mortgage Loan? ANSWER THESE QUESTIONS TO DETERMINE IF A BANK WILL GIVE YOU A MORTGAGE LOAN

What is your credit score?

OK

About 640

Awesome Well above 640

Low Below Below 640

How long have you been employed?

2+ years <2 years Unemployed

Be prepared to wait or show stable employment history.

How much of your income

will go to the mortgage?

Most of It I would have some left

after making my mortgage payments

Not Much My income is at least twice as high

as my mortgage payments

How much money have

you saved?

All of It I would struggle to make

mortgage payments

A Lot Enough for a 20%+ down payment

A Little Enough for at least a 3.5% down payment

None Little or no savings

for a down payment

What will your debt to

income ratio be? Monthly Debt/Monthly Income

You will likely need to pay a private mortgage insurance (PMI)

on your loan

About 36% Below 36%

>36%

You may want to consider buying a less expensive home

Paying down some of your debt may help you qualify

Are you a U.S. citizen or do you

have resident alien status?

Yes No

Check credit history and work on improving your credit score

You

Will Not

Qualify

Trouble qualifying for a mortgage loan? Consider these options:

Wait and work on repairing your credit, paying down debt and saving for your down payment.

Get a cosigner, someone with a better credit score and higher income that will be able to make your payments, if necessary.

Contact a mortgage broker; they work with many lenders and may be able to find a loan.

Lots of Yellows or Did Not Qualify?

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