What are the key factors in obtaining a home mortgage loan?

My credit isn't bad or fair. It's good, just below excellent. How good does your credit have to be and what other factors are key to successfully obtaining a home mortgage loan?

What are the key factors in obtaining a home mortgage loan?
Other Factors: With some lenders they require that your appraisal not be a significant amount less that your loan, because if something were to happen and your home went into foreclosure, they want to be sure they can sell the house and get what you owe them back. Credit Scores, the amount of debt that you have, ie credit cards, student loans, etc., they will require that you pay some of that off so that they will be your primary lender. If you are purchasing, lenders usuallly require a termite inspection, home owners insurance and if you have prior mortgages, they will want those paid off as well. Usually not a whole lot is paid upfront except maybe your appraisal. Hope this helps and if you live is SC or GA request that McLeod and Dowling be your closing agent!! As a thank you to me for answering your question!!! :)
Reply:Well getting pre-approved is the action you need to take. You need to go into any banking institution, fill out and application and let them determine how much you can afford.





From there they will tell you just how good your credit is, how much you need to pay down if any and how much of a house you can afford.





It's extremely easy.
Reply:Up until about a year ago all you needed was a pulse (seriously).


They wrote soooo many bad loans that they even made names for them. Ever hear of a NINJA loan? no, it's not a joke. NINJA stands for No Income No Job Applicant


And now they wonder why our entire system is imploding.


But to answer your question...since they fvcked up so bad they had to tighten their lending practices so much that now you need perfect credit, a six figure annual income, and a million dollars liquid...and that's just to buy a car! lol



Reply:I believe these days you need at least a 720 or a 760 score. You should have at least 2 years solid employment and some money saved in the bank.