The Channel you have requested is no longer available.

What are the Requirements to Qualify for a Home Loan Today?

 

What are the Requirements to Qualify
for a Home Loan Today?    



https://1609956119.secure-loancenter.com/FreeConsult.aspx     Frequently I hear the question ...  

     "What are the requirements to qualify for a home loan today"?

      To answer that, I'm first going to list what are considered as foundation requirements for current mortgage loans.  When I say "foundation", I mean that they are the basic requirements that must typically be met by those seeking financing.  

     The most basic and frequently seen requirements (the foundation of most mortgage approvals) are as follows:

  • Credit:  Middle FICO Scores are used to determine eligibility.  

       MOST standards are:

       Conventional:  620 FICO Score or higher
       FHA:  640 FICO Score or higher.  In some cases, the scores utilized can be as low as 580 to 640 
       VA:  620 FICO Score or higher.  Again, in some cases I have options from 580 to 620 FICO Score available for Veterans
       USDA:  620 FICO Score or higher

  • Employment/Income: *  

       Stable, sustainable employment needed.  Usually a minimum of a 2-Year job history required, unless applicant took their (first) job out of college.  Then education can count towards job history.

      Other types of income can also qualify, such as proven Child Support, Social Security, Pensions, Disability, Income from investments, Self-Employment, and etc.

http://www.genemundt.com/ContactUs.aspx

 

  • Down Payment:  

       *  Your Down Payment does NOT have to be 20%. 

      Let me stress this important point again ...  

      You do NOT have to put 20% down on your home purchase.  Financing options exist for those making lower down payments!   Those options are:
 
       No Money Down options (0% Down) still DO exist.  VA and USDA-RD loans are examples of this fact
       3.5% Down Payment - FHA Loans feature this Downpayment requirement
       *  5% or More - Conventional Loans are available for these levels of Down Payment
       *  Mortgage Insurance Programs - These loan programs allow for transactions with 5% to 19.99% Down Payment 

  • Debt-to-Income Ratios: 

      New "Ability to Repay" Guidelines, effective 1/10/2014, require all recurring debt (Mortgage, Car Loans, Student Loans, Credit Cards) to be at or under 43% of Gross Monthly Income.    
       
       Note:  Exceptions canbe made regarding this requirement.  The Debt-To-Income Ratios can be greater than 43% for those qualifying Borrowers with: 

  • Good credit 
  • Additional assets (reserves) 
  • Good job histories
  • and for those that RECEIVE APPROVAL IN AUTOMATED UNDERWRITING SYSTEMS FOR THAT SCENARIO


     Knowing and working with the requirements shown above should take much of the guesswork out of the question ... "What are the requirements to qualify for a home loan today"?

     But as always, to discover and clearly define what requirements are specific to your personal financial scenario, you need to contact me and talk in depth.  Only through a thorough examination of all the facts, can we answer the questions you have and ultimately reach a conclusion regarding your financing and abilities to buy.

  http://www.genemundt.com/ContactUs.aspx

     
     *  To start investigating your current options, contact me.   I'll be happy to answer your questions and assist you with your Chicago area financing needs.

Direct:  815.524.2280

Cell or Text:  708.921.6331

eFax:  815.524.2281

 Click HERE for your FREE Mortgage Consultation!

 Ready to Apply for your Mortgage?

 

 

 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   Digg Acct. of Gene Mundt, Mortgage Lender

 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender   Lender411 Acct. of Gene Mundt, Mortgage Lender    Klout Acct. of Gene Mundt, Mortgage Lender    Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender  

Gene Mundt

Regional Manager - Mortgage Lender

American Portfolio Mortgage Corp.

                                                                    Personal NMLS #216987

AMPC Logo

NMLS # 175656

 

Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.  Gene Mundt, Mortgage Lender can be contacted at:  815.524.2280 or via his email: gmundt@goapmc.com.

Contact Gene Mundt, Mortgage Lender soon!

35 commentsGene Mundt • April 22 2014 08:39AM
What are the Requirements to Qualify for a Home Loan Today?
share
What are the Requirements to Qualify for a Home Loan Today? Frequently I hear the question.. "What are the requirements to qualify for a home loan today"? To answer that, I'm first going to list what are… more
How Long is a Mortgage Pre-Approval Good For?
share
John Meussner, Total Mortgage Services LLC Costa Mesa, CA consistently offers solid mortgage advice via his blog here on ActiveRain. The post below is yet another great example of that fact. John Meussner provides great examples and… more
Just Like Your Underwear: Credit Needs to be Freshened-Up, Scrubbed,…
share
Just Like Your Underwear: Credit Needs to be Freshened-Up, Scrubbed, Updated, Fluffed & Changed Everything needs to be "freshened up" once in a while. It needs to be given a trim. Updated. Fluffed. Scrubbed-up. … more
AFTER Your Mortgage Closing: Keeping the Lines of Communication…
share
AFTER Your Mortgage Closing: Keeping the Lines of Communication Flowing This post, although specifically aimed at my mortgage clients, contains a message that can pertain to other service provider's customers too.. The… more
Love Your New Construction.. But Educate Yourself About Future Tax…
share
Love Your New Construction.. But Educate Yourself About Future Tax Bills * I want to preface this article by saying it's geography specific to the Chicago Area and its collar-counties.. So you've opted for building or buying… more
The Reason I Dislike Online Mortgage Calculators
share
The Reason I Dislike Online Mortgage Calculators There are real estate and mortgage financing topics that are written about often.. For someone outside of the real estate or mortgage industry, it must seem somewhat repetitious.. more
Home for Sale: 207 E. Schaumburg Road, Streamwood, IL
share
Home for Sale: 207 E. Schaumburg Road, Streamwood, IL This newly-listed home by Lyn Sims of Re-Max Suburban ( www. lynsims. net ) is located at: 207 E. Schaumburg Road, Streamwood, IL in the Woodland… more
Easter Bunny Activities in Will County, IL
share
Easter Bunny Activities in Will County, IL The Easter Bunny is one busy little fellow in Will County this year! He's got: Egg hunts Breakfasts Photo opportunities Entertainment Nighttime flashlight hunts and… more
Homeowners Ins. Importance 2 Mortgage Pre-Approval/Application/Closing
share
Homeowners Insurance Importance to Mortgage Pre-Approval, Application & Closing After you've signed your Real Estate Contract and you've agreed to purchase a home, there's still work for you to do as a Buyer and Borrower.. … more
"Because".. The Mortgage Underwriter is Requesting it!
share
"Because".. The Mortgage Underwriter is Requesting it! As parents, we often find ourselves trying to explain things or reason with our children. And when we do, it's almost inevitable that we hear a "Why? " after each… more