Thread: Need to get qualified for a mortgage!

Hello all, I have been planning of taking a mortgage loan and in this perspective I have been getting the necessary information. What are the necessary requirements that are required to get qualified for a mortgage?

that's a very broad question.... good credit, enough income compared to debt, enough down payment, enough reserves

Originally Posted by Jumbo2010

Your credit score at the time of application.The amount of debt you're currently carrying.Your income, relative to the amount you want to borrow.The size of the down payment you can make.

size of downpayment will be more important than ever as the banks will want you to input as much as possible

To qualify you need the following:

Enough money for the Down Payment (3 to 20% of the purchase price)
Two years of steady employment (same job or field)
Good (not perfect) credit score (~660+, as of 6/09)
Monthly income that's 2 to 3 times higher than your expected monthly mortgage payment

Sounds like you're going about it the right way by getting your mortgage approved before finding a property. Doing it the other way round usually ends in disappointment. Don't be afraid to speak to your bank or a mortgage broker to find out what they require. It looks like the guys above have already given you most of the things you need, the only things I would add is proof of id and address.