💥 What is considered when trying to qualify for a home loan💥
Are you looking to buy a🏡 in the close future but don't know what we may ask for? Here are the top 3 things that are considered for a home loan🚨 1) Income - You are required to have income in order to buy a home, pretty logical right! The beautiful thing is that we are able to consider income from alternative sources and not only from your employment. Considerable income can stem from an inheritance, and other supplemental income. 2) Debt - Once we have your income we have to now consider your debt. Monthly debt is usually what is considered. If every month you make $2000 with $1000 in monthly payments that means you have $1000 left over. Now based on your Credit Score, a lender is able to use between 40%-55% to determine your home loan. 3) Credit Score - As mentioned before, your credit score is important for several reasons. For one, your score will allow the lender to use between 40-55% of your free income to prequalify you. Secondly, your score will allow you to qualify for certain programs that are available in certain score brackets. For more information on what is needed to qualify for a home loan, do not hesitate to reach out to one of my recommended lenders! Christian Chapa | Realtor® 956.763.4728 - [email protected] Keller Williams Laredo Jose Lastra | Mortgage Lender 956.334.5294 Service First Mortgage
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