What are the key factors in obtaining a home mortgage loan?

My credit is not bad or fair. It's good, just below excellent. How good does your credit have to be and what other factors are key to successfully obtaining a home mortgage loan?

Responses:

Other Factors: With some lenders they require that your appraisal not be a significant amount less that your loan, because if something were to happen and your home went into foreclosure, they want to be sure they can sell the house and get what you owe them back. Credit Scores, the amount of debt that you have, ie credit cards, student loans, etc. , they will require that you pay some of that off so that they will be your primary lender. If you are purchasing, lenders usuallly require a termite inspection, home owners insurance and if you have prior mortgages, they will want those paid off as well. Usually not a whole lot is paid upfront except maybe your appraisal. Hope this helps and if you live is SC or GA request that McLeod and Dowling be your closing agent! As a thank you to me for answering your question! :
I believe these days you need at least a 720 or a 760 score. You should have at least 2 years solid employment and some money saved in the bank
Up until about a year ago all you needed was a pulse seriously. They wrote soooo many bad loans that they even made names for them. Ever hear of a NINJA loan? no, it's not a joke. NINJA stands for No Income No Job Applicant And now they wonder why our entire system is imploding. But to answer your question. since they fvcked up so bad they had to tighten their lending practices so much that now you need perfect credit, a six figure annual income, and a million dollars liquid. and that's just to buy a car! lol
Well getting pre - approved is the action you need to take. You need to go into any banking ins ution, fill out and application and let them determine how much you can afford. From there they will tell you just how good your credit is, how much you need to pay down if any and how much of a house you can afford. It's extremely easy

Tags: car, applicant, cards, money, closing

Follow this dicussion..

Related Images:

Knowledge Base

How likely is to get a home loan from a bank when having over $60, 000 out in school loans?

i graduated from college last year and am wanting to buy / build a house. i am curious about how likely it is to get approved for home loans when i have around $60, 000 in debt from school. is this even an option for me right now?. depends on (investment advice)

Where I refinance my mortgage 90K I a lein on my home fromIRS 119K?

you can but the lien will have to be satisified as part of the refinance. often folks with a first mortgage and a line of credit will refinance both into one new mortgage and this. on something of this nature i would definatly suggest professional help with this one. such (real estate financing)

Why do home loan servicing companies sell loans to ?

one reason is that each bank tries to keep a specific risk profile for their mortgage business a mix of high - risk loans, medium - risk loans, and low - risk loans. one reason is that each bank tries to keep a specific risk profile for their mortgage business (real estate investing)

Related Images:

Knowledge Base: Home Purchase

It is a buyer's market - I understand that. Home equity loans, how do they work?

if i purchase a home for $300, 000, but it is appraised for $350, 000, will i have automatic built - in equity that i can use to consolidate $12, 000 in school loans and credit card debt? or, will i still have to pay down some of the p&i (home refinance)

Home Refinance?

if you have a derogatory account on your credit report, will a mortgage company require you to pay it before allowing a refinancing loan? i have a decent credit score. not that i know of. it depends. judgments generally must be paid off, unless you're on a repayment plan. collections, (home equity line of credit)

home refinance?

bankrate.com is a good place to start and fine out what is out there. two key things, do not pay any upfront points and get a fixed rate on the loan. also, check your credit rating first, if there are problems there, no way you will get a loan. good (home equity line of credit)

What happens to your home mortgage when you die?

is it possible for a home mortgage to dissolved upon the home owner or borrowers death? i figured the estate or family is responsible but what if the home has no next of kin or goes to the state or something. question has come up a few times in conversation. (home mortgage)

Should I include my student loans in a home refinance?

we are about to refinance our home at 3. 85% for a 15 - year loan. we have 40k of student loans at 5. 75%. including this amount in our mortgage will not get us to the point where we will have to pay pmi. is this a good idea? (home purchase)

Related Images:

Knowledge Base: Home Mortgage

Is the current Economic Crisis a setup to move wealth to the wealthy

the main problem is not home mortgages. millionaires help trigger the problem by dumping. george bush has pulled off some really complicated conspiracies. 9 / 11, iraq war, mortgage. yes - . this has been in the works for a long time. why do you think the army is now (home mortgage)

How go refinancing on home mortgage?

i have owned my home for two years now. we have always been early on our monthly payments and have improved our financial status. does refinancing usually help. or is it just a. your decision to refinance has to make sense. i will not process your loan request if it (home mortgage)

What it company pay home mortgage files bankruptcy?

i pay my home mortgage to american home mortgage and i just saw online today that they are filing for bankruptcy. do not worry, your loan will be transfered to another company. it doesn't mean they are going out of business and they could always sell your mortgage to another (home mortgage)

Anyone interested in filing a cl action lawsuit against Countrywide home loans for unfair lending

did countrywide home loans acquire your home mortgage, then aggressively pursue foreclosure proceedings against your property forcing you to refinance or sign an unfair loan. i thought there was a cl action against countrywide going on. i did a search and found a bunch of attorneys suing countrywide. check out (home mortgage)

What percentage of net income go a home mortgage?

lets say you have $5000 coming in per month, how much is a safe amount to spend on a mortgage, while still saving some for car payments, other loans, insurance, groceries, emergencies, etc? my dad said a 1 / 4 of your net income is a good idea per month (home mortgage)