Getting Qualified

Lenders use the following criteria to qualify an applicant for home financing.

the home appraisal:
your home value must have a market value that secures the financing. The less equity value you have in your home, the less financing amount that lenders will provide
your credit rating:
your credit rating must be above a certain score in order to qualify. The lower your credit score, the less likely your financing request will be approved.
your capacity to repay (income ratios):
your income ratio must be around 36% or less in order to qualify. The more debt that you have compared to your income may disqualify you from financing.
your employment:
lenders qualify applicants who are employed and have steady income.

supporting files

Topics Include:
credit qualifications ... debt ratio calculations ... home value ... other