The following example helps you understand the types of things we will be looking for as we pre-qualify you for a mortgage loan.

Gross Monthly Income
Be sure to calculate your total gross mothly income.

Credit
Credit is a critical issue when applying for any loan. The better your credit, the better terms (down payment requirements and interest rate) you can expect.

Down Payment
The minimum down payment required for FHA and conventional loans is 3% of the total sales price. A down payment of 20% will eliminate the need to pay mortgage insurance. There are also loans available which do not require a down payment.

Work History
The longer you have been at your job or in the same line of work, the better. If you are self-employed, you will need to have been in business for a minimum of two years. you can be new to the job, as long as it relates to your recent graduation from college or trade shool.