Over the years I have had customers tell me they would have bought a home sooner but didn't think they could qualify for a home loan. Examples of reasons they didn't think they qualified are:
- They thought they had to have a 20% down payment
- They thought they had to have excellent credit
- They thought they had to pay off all of their debt
- They did not know how to get started
These are not necessarily things that would prevent you from being approved for a home loan.
Things lenders look for when determining eligibility:
- Ability to pay - Is your income sufficient?
- Stability - How are you paid? Are you salaried, hourly or self employed?
- Credit history - Do you have credit and if you do what has been your past payment performance?
- Collateral - How much money do you have to make a down payment?
You may be surprised to find that there are a lot of loan options available to you if your credit is less than perfect, if you have little to no down payment or haven't been on the job for a long time. The only way you will ever know is if you contact a licensed loan officer like me and start the preapproval process.
You can complete a quick quote request on my website: www.NevinMortgageTeam.com Click Home Purchase Qualifier and click on a few questions. You can also call me (919) 714-8796 or email me: nevin@fairwaymc.com
I hope you investigate the possibility of home ownership by starting with the first step - the loan pre-approval process.*
*Pre-approval
is based on a preliminary review of credit information provided to Fairway
Independent Mortgage Corporation which has not been reviewed by Underwriting.
Final loan approval is subject to a full Underwriting review of support
documentation including, but not limited to, applicants’ creditworthiness,
assets, income information, and a satisfactory appraisal.
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