View
26
Download
1
Embed Size (px)
Citation preview
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?
800-385-3657 | www.pmccanhelp.com NMLS 266371 | BRE 01183898