
Thinking of buying a new house but wondering if you can get approved for a mortgage?
The good news is that there are many different types of home loans for various types of homebuyers.
And there will likely be something that works for you, too.
We thought it might be helpful to give you an overview of what factors into whether you’re able to get approved for a mortgage or not.
Here are some key points to consider:
Down Payment Size — The larger your down payment, the easier it’ll be to get a loan and the better interest rate you’ll receive. A 20% down payment is ideal, but you can still get approved with less for certain loan types.
Credit History — Lenders will look at your credit history, usually using FICO scores, to determine your eligibility and interest rates.
Work History — A consistent and reliable work history is important to lenders, as it shows you can afford to make monthly payments.
Debt-To-Income Ratio (DTI) — This ratio examines how much of your income is going toward paying off debt. Generally, lenders prefer applicants with a DTI below 43%.
Type Of Loan — There are various types of loans available for different budgets and homebuyers. Make sure to ask your lender about all your options before making a decision.
We hope this helps!
If you need to sell a property, give us a call at 941-300-6090 — we can make you a fair cash offer, buy as-is, and close in as little as two weeks!
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