When lenders look at your individual story, these things stand out most in the home loan decision-making process!
- No late payments within the past year
- You have multiple credit lines with at least 24 months of history
- With one of those credit lines having a limit over $1,000
- Be in the same line of work for two years
- Your total home and credit payments are about 40-45% of your monthly, pre-tax income
- Have at least 3.5% of your purchase price to put down (down payment will depend on which loan program you go through)
- You should have about 2-3 months of house payments available after closing
There can often be exceptions to these rules based on each person's credit story, but these are best practices to put you in a good position to get approved for a home loan.
We’re here to walk you through every step of the way! Meet with one of our expert Real Estate Advocates to talk about how you can purchase your very own home.