Welcome to the LVHomesGroup.com Blog

2019-05-27 09:26:15
What do I need to Qualify?
Qualifying for a Loan – What do I need to qualify?

Before you start searching for your new home, the first step is to speak with a lender and
determine your budget. This is being pre-qualified for a loan. Once you find the right home,
then your lender will order an appraisal of the property and complete your financing. If this is
your first home purchase, or if it’s been awhile since you’ve purchased, understanding how to
prepare for the qualifying process is the first step to success.

What do I need to qualify for a home loan?

When preparing for your meeting with the lender gather all the pertinent documentation and
bring them with you. The lender will want to see 2 months of employment pay stubs and bank
records as well the past 2 years of tax returns. After reviewing your income and savings, the
lender will also order a credit report which shows all your recurring debt and payment history.
This will be used to determine your ability to pay the proposed mortgage.

How does credit, down payment and income affect my ability to get a loan?

There are a variety of loan programs available. From 0% down VA loans to traditional 20%
down loans, your lender will review all your options with you so you can determine the best
program. Some government guaranteed loan programs, such as the VA or FHA, are more
lenient with your credit score requirements as well as other qualifications, such as savings and
income ratios.

Qualifying for a home loan might feel overwhelming, but your lender can walk you through the
process and requirements. After learning your options, you can make the best financial
decision for your new home loan.
 
Blog Archive
2020-02-09 10:00:12
3 Tips to Combat a Low Appraisal

2020-02-03 16:26:39
The Anatomy of a Mortgage Payment

2020-01-02 08:39:25
HOA? Beware the Rules and Regulations!

2019-12-21 10:16:47
4 Tips to Close Quickly on a Home Purchase

2019-11-23 21:31:03
Is This a Good Time to Buy a Home?

2019-11-19 19:32:31
Selling Your First Home

2019-11-13 08:45:31
Alternatives to Granite Countertops

2019-11-07 09:44:04
3 Tips for Attending Open Houses

2019-06-30 12:05:17
Is a Smart Home in your Future?

2019-06-29 19:51:05
What do I need to Qualify for a Home Loan

2019-05-27 09:26:15
What do I need to Qualify?

2019-04-15 22:24:13
Is a Bigger House Really Better?

2018-12-30 09:28:29
What to Look for in the HOA Documents

2018-12-09 11:41:50
Selling During The Holidays

2018-11-22 10:41:16
Top 3 Tips for House Hunting Online

2018-09-28 10:58:27
3 Tips for Attending Open Houses

2018-07-04 16:10:52
The Ultimate Guide to Title Insurance

2018-05-27 15:11:20
Everything you need to Know about Relocating

2018-05-16 18:33:26
Easy Repairs to do when Preparing to Sell Your Home

2018-05-05 08:39:25
2 Things to Know about Home Inspections

2018-04-20 20:10:17
5 CRITERIA FOR PRICING A HOME

2018-04-14 17:08:39
Buying a Foreclosure

2018-04-05 16:44:24
Comparing New Construction vs Resale

2018-03-26 18:50:29
Las Vegas Homes : A Step by Step Guide to Buying

2018-03-17 20:34:15
3 Things to Know about Buying New Construction

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.