For those about to embark on a home purchase and it’s their first time, they really don’t appreciate how easy the approval process is compared to several years ago before automated underwriting took over. In the past, a loan was completely documented before an underwriter ever looked at the loan file. A fully documented loan package could be two to three inches thick! Today, that process is streamline and applicants only submit the items listed on the automated approval. Today, loans are “approved” first, and then documented afterward. Here’s how to get approved for a home loan in today’s environment.
Credit. When you first submit a loan application, the lender submits your electronic application through an automated system which also pulls a credit report and credit scores. Most loan programs require a minimum credit score of 620 although there are other instances where lower scores are accepted. Lenders also ask there be at least three trade lines on the credit report in good standing.
Income. Lenders are required to verify a borrower’s ability to repay the mortgage along with any other outstanding credit obligations and do so by reviewing copies of your recent pay check stubs and W2 forms from the previous two years. Lenders ask you have at least two years of employment in order to qualify. As it relates to current debt, lenders will add your minimum monthly credit obligations together along with your new house payment and compare that amount to your gross monthly income. Your debts should be somewhere around 40 percent of gross income or lower.
Assets. You’ll need some funds for a down payment and closing costs and your lender will verify you have funds available to you for this purpose. Be prepared to provide copies of your most recent bank and investment statements showing sufficient funds to close.
In today’s mortgage world, there’s no need to wonder if you’re going to get approved or not. All you need to do is to speak with a loan officer who will ask a series of questions and then suggest a loan program for you based upon your answers. By submitting an online loan application at the outset, before you ever even start looking for a property, you’ll know exactly what you need to provide and when. That way you can shop without wondering if you’re going to get a loan approval or not.
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