Requirements For A Home Loan

5 Basic Requirements to Qualify for a Home Loan and 6 Things that Could Hurt Your Chances

Required Items for a Loan Mortgage:
1. Currently Employed
2. Credit score of 620 or better
3. Limited debt-to-income ratio
4. Money for down payment and closing costs
5. Documents needed for the application:
a. 2 years of W-2’s or tax returns
b. 2 months bank account statements
c. One month recent paystub
Things that will hurt qualifications:
1. NSF fees on checking accounts
2. Little to no savings
3. Negative history on Credit Reports
4. Collections and/or Judgments
5. Bankruptcy or short sale within 2 years
6. Foreclosure within 3 years
These are basic generalizations and different loan products, carry varying requirements
Talk to your lender about your specific scenario or
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