Getting Qualified

Lenders use the following criteria to qualify an applicant for home financing.
  1. 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

  2. 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.

  3. 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.

  4. your employment:
    lenders qualify applicants who are employed and have steady income.

supporting files

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

view more information about the criteria above
check your home value
check your credit report
calculate your debt ratio