What Do I Need to Qualify for a Mortgage?

Whether you're a prospective home buyer or just curious, you've probably wondered what it takes to qualify for a mortgage. When getting a loan, credit score, your debt-to-income ratio, and down payment amount play a factor in getting approved with a good interest rate and monthly payment.

And depending on the lender and the type of mortgage you're interested in getting, some may require you to pay for mortgage insurance.

Does that mean more money you'll need to have to qualify for the loan? What if you don't have the extra cash? Does that jeopardize you from qualifying? 

Don't worry - in this post, we'll break down the basics of qualifications for each loan and give you an idea of what to expect. Keep in mind that qualifications can vary depending on the lender, so when you're ready to move forward with a mortgage, it's always best to talk to your lender to get specific information about their lending requirements.

here's a quick look at what we'll go over

what do i need to qualify for a mortgage?

Here's what you need to have when getting a mortgage.  

• A qualifying debt-to-income (DTI) ratio
• A fair to good credit score
• Proof of income
• A down payment 
  
  

[faq2]

other mortgage qualification factors include: 

[faq3]

what qualifications are needed for each mortgage? 

Since there are a number of mortgages available, here's a quick look at the qualifications needed so you know what to do and what lenders will review when they receive your mortgage application. 

[table1]  

Now that you have a quick look, here are some specifics to help you choose which mortgage you want be interested in getting.  

[faq1]

are you ready to get a mortgage? 

Now that you know what you need to get a mortgage, do you know which mortgage option would be better for you? If you're still pondering "hmm... which mortgage option would work best for me?" I have just the article that can help:

As always, if you have any questions, our Mortgage Loan Officers are here for you. You can send an email, give us a call at 704.375.0183 x 1525, or visit any of our branches.