02/17/2024
This living room is drop dead gorgeous!
I am often ask what does it takes to get approved to purchase a home. Below are the following basic requirements that you will need to qualify for a home loan! Please keep in mind your debt to income (DTI) plays a significant part in your approval amount. If you can keep your debt as low as possible this will allow you more purchasing power!
Do not open new debt such as purchasing a new car with a HIGH car payment! Wait until you find a home(close and receive your keys) before buying a new vehicle if you can! This will definitely affect your approval amount!
Requirements if you have a 640 or higher credit score
2 years of consistent work history
Last 2 years of tax returns and W2
Last 2 months of bank statements
30 day’s worth check stubs
If you have a 640 or greater credit score you could get 100% Conventional Loan (depending on the location of the property)
If you have a credit score of 620 or higher you still can get approved with a FHA loan 96.5% loan-to-value meaning you may qualify for downpayment assistance with is 3.5% of the purchase price, but you may also have to pay your own closing cost which could vary depending on the purchase price of your home, insurance and property taxes. The below information is still required to get income qualified:
2 years of consistent work history
Last 2 years of tax returns and W2
Last 2 months of bank statements
30 day’s worth check stubs
Now, you can also get approved if you have a 580 credit score! HOWEVER YOU WILL HAVE TO PAY your own closing cost and downpayment, you will NOT be eligible to receive any assistance from the lender for closing cost! This applies even if you are a first time homebuyer! The below still applies:
2 years of consistent work history
Last 2 years of tax returns and W2
Last 2 months of bank statements
30 day’s worth check stubs
There are other loans available as well!
All verification will be done prior to closing, please ensure all documents line up and are accurate.
Katrina Peete,Realtor ®️
TN license #353690
MS license # S-59690
Pinnacle Realty
299 S. Walnut Bend Ste100
Cordova, TN 38018
901-634-0647 📱
901-707-7700 ☎️
[email protected]
www.pinnacle-realty.com@followers@highlightKatrina" rel="ugc" target="_blank">www.pinnacle-realty.com@followers@highlightKatrina Peete, Realtor for Pinnacle Realty
