what criteria do you have to meet to get a morgage?

Question

how long in a job , what kind of wage earned, circumstances etc

Answer 1

Decent credit. Enough income to pay the monthly mortgage payment. Type of job usually doesn't matter, unless whatever you do is illegal. Length of time in a job will figure in if you haven't been employed very long. However, you can get a mortgage fairly easily if you have a past work history, even if you've only been in your current job a short time.

I'd say the biggest factors are credit score, amount of debt you currently have and enough income to pay a new mortgage.

Answer 2

Faye is correct. You need to have a solid work history for at least a year, preferrably two. Decent credit score (above 550?... not sure on that exact #). Your debt to income ratio should sit at least at 60/40 (with only 40% of your income currently going towards debt, i think that means). If you can get a no or low down payment mortgage, you should still have enough cash on hand to cover expenses in obtaining the loan (escrow, other fees & such...$1000-$2000 tops, depending on the loan amt). On the other hand, If you get a traditional type loan, the down payment is uaullay 10% of the mortgage amount (which is a lot). Hope this helps...don't give up. Banks can be difficult and require verification of every spec of information, plus some. If you get turned down at one, search out a different company with different loan options. If reapplying somewhere else, though, watch the numer of times they run your credit score, as too many inquiries can end up lowering the score. There are tons of mortgage options out there for first time buyers, but you need to do your homework so you don't get screwed.

Answer 3

Depends where you are but the current practice in most of Europe is a calculation of debt/service ratio, broadly equating to not more than 35% of net income required to service the loan at current rates plus 2%. These days, if you can prove the income in the past, questions beyond that (like job security and re-employment prospects) don't get asked. The key to successful use of any credit is affordability, not what you can wangle out of a lender.

Answer 4

Its pretty easy to get a morgage if you have a good credit history
& your wages match the repayments for morgage.I would shop around theres some good deals.You can check on line.Good Luck

Answer 5

There are exceptions and special loan programs for almost every scenario, but for a Fannie Mae conventional loan, you will need two years employment history in the same line of work; debt-to-income (DTI) ratio of 43% or less, including the new mortgage, taxes, & insurance; any bankruptcy must be at least two years old; credit score above 600 for no-down payment, lower if you have down payment and/or reserves. For reserves, they like at least two months of payments in a liquid account.

Rick
http:www.fairwaymortgagelending.com

Answer 6

A decent credit rating and sufficient income to make the payments. I've gotten a mortgage with as little as 6 months in my current job though I did have decades of continuous employment and a strong credit score.

Answer 7

It really depends on the company. I know that here in MA there is Sunset Mortgage, they can find programs for almost anyone, even if you can't verify where your income comes from, bad credit, etc. Listen to the radio whereever you are, there should be companies advertising that will say good credit/bad credit/no problem. Give them a call or go to thier website.

Answer 8

Different Building Societies, different rules, but basically, you need to be in a permanent job (Ideally for some time), have lived in the same place for at least 1 year, earn annually, at least one fifth of the amount you need and ideally have not court judgments against you.
Some lending sources will still lend to someone with CCJ's , but the rate will be higher.
Lots of companies will 'credit score' you to prove your suitability. You get points for - time in present employ, time in present home, in fixed relationship, have tel. landline, over 21. etc, etc.

Answer 9

basically going from my very own German Shepard experience- modern a million 12 months previous, had former for 10 years- they're stable with little ones if uncovered early and that i've got heard a similar with cats regardless of the actuality that it relatively is not been my experience (often simply by fact the cat hated the canines). they're very stable watchdogs, yet should additionally be socialized to human beings consistently from an relatively youthful age- we threw exterior barbeques for 3 months just to get the recent puppy used to human beings and additionally presented him to all human beings he might come upon on a daily basis, such simply by fact the mailman. They learn instructions very immediately yet you may desire to be arranged to enhance them each and every of the time, on a daily basis, simply by fact they're going to start to anticipate you and start up doing issues "their" way. besides, we artwork a similar hours as you adult men and crate the puppy in the process the day, yet as they're very lively you may desire to be keen to choose for a solid hour stroll in the morning, in line with danger a rapid bathing room destroy at lunchtime-ish and after artwork, then we choose for an hour or extra stroll in the previous mattress. It enables while you're a runner and can relatively get them to exercising (i'm no longer, yet i will stroll till ultimately i'm waiting to drop and then the dogs skips the the remainder of how abode as i'm crawling in the back of :) ). So relatively, German Shepards are large. they're relatively (!) dependable and require a large type of exercising. you will possibly choose for a miles less extreme capability dogs, tremendously for the youngsters (i understand this sounds unusual yet have confidence me, the day a infant tries to climb throughout Otis is the day it properly-knownshows itself face down on the floor and being stepped on). in line with danger a Golden Retriever? additionally clever and a powerful early warning gadget, yet i've got self belief they're much less annoying-going? shop up with the study, seem for a dogs that suits your loved ones's way of life standards and not a particular breed, and this is superb to confirm a destiny in charge dogs proprietor doing their homework!

Answer 10

its a complex point system

a few points each for many things

mostly they want to see that you pay back money on time

you can borrow like 4 times yearly earnings usually I think