Securing a mortgage can feel overwhelming, but I’m here to make the process smooth and easy to understand. Here’s what most lenders will look for when determining your eligibility for a loan:

1. Credit Score
   • Your credit score is one of the most critical factors in getting approved for a mortgage. Most lenders require a minimum credit score of around 620 for conventional loans, though some government-backed programs (like FHA loans) allow scores as low as 580.
   • The higher your score, the better the interest rates and loan terms you’ll be offered.
2. Income and Employment Verification
   • Lenders want to ensure you have a stable source of income to repay your loan. You’ll need to provide proof of income, such as recent pay stubs, tax returns, and W-2s (or 1099s for self-employed individuals).
   • Steady employment history (usually 2 years in the same industry) is ge
3. Debt-to-Income (DTI) Ratio
   • Your DTI ratio compares your monthly debt payments to your monthly gross income. Most lenders prefer a DTI of 43% or lower, but some programs allow for higher ratios with compensating factors, like higher credit scores or substantial down payments.
4. Down Payment
   • Depending on the loan type, you’ll need a down payment ranging from 3% to 20% of the home’s purchase price. FHA loans, for example, require as little as 3.5%, while conventional loans may require up to 20% to avoid private mortgage insurance (PMI).
5. Property Appraisal
   • The home you plan to buy will be appraised to ensure it’s worth the loan amount you’re requesting. If the property doesn’t appraise for the expected value, your loan amount could be adjusted or denied.
6. Loan Program Requirements
   • Specific loan programs may have additional criteria. For instance, FHA loans have different qualifications than VA loans (available to veterans), or jumbo loans (for high-value properties). I’ll help you navigate these specific requirements based on the loan type that’s best for you.