if you get a mortgage loan from the bank what is usually the qualifications, in getting approved?

Question

what type of info must I provide? what is the minimum that they usually qualify you for?
Is it better to get a loan from the bank, or one of these mortgage lenders?

Answer 1

I suggest going to your current bank as well as a few others. They will want to know income, credit score and job history. As a general rule, they will qualify you for 30-35% of your monthly income to pay mortgage, insurance and taxes. Example: If you make $4000 a month they will assume you can spend $1200-1400 a month on a house. Then they will subtract taxes (maybe $100 a month) and insurance ($50 a month) and take the remaining and figure out a purchase price you should shoot for.

You will also need money for closing costs and down payment. Each loan program is different though. If you don't put 20% down payment they will charge you mortgage insurance. Not sure how much that is since I've always put 20% down. Lastly, you need to have money somewhere you can use in case of emergency. Usually a few months worth of payments and it can be a 401K or stock.

Good Luck

Answer 2

Well, it's been a few years, but I'll see how much I can remember...well, obviously, for getting approved, they look at your income, your credit, your current debt-load, the price of the property, and the actual value of the property. I remember having to supply paycheck stubs (not just one, either--but I can't remember how far back we had to show them), bank statements (again, for a few months back), W2's for a couple years, I believe, proof of access to money in case we lost our jobs (such as savings account, retirement account, CD's you could cash in, etc.) We also had to pay for an appraisal of the property (obviously they weren't going to loan us $100,000 if the house was only worth $80,000). I'm not sure what you mean by what's the minimum they will qualify you for. Oh, right at the end, we basically had to get house insurance the same day we closed. We also had to study a booklet given to us by our mortgage insurance company and take quizzes on the information over the phone. Now, some of these things might be a little different than what some people experience, as we went though a bank, but it was actually a loan through a state program to help first-time home buyers who make below a certain income.

Answer 3

best bet is to have a permanent job. they will ask for proof of income and plenty of bank statements.
they will give up to 3-4 times your salary.

Answer 4

Credit score, length of time on your job, no charge off's leins etc.