If you're looking to buy a property, learn about where you can find general loan requirements.
Buying a home without a loan isn't always possible & in those cases, individuals will need to seek out lender financing (obtaining a mortgage).
Some common forms of lender financing types are:
- Government-backed mortgages
- FHA - Click here to read qualifications
- VA - Click here to read qualifications
- USDA - Click here to read qualifications
- Conventional mortgages - Qualifications vary per lender
Do you qualify for a loan?
Thankfully, you can easily find requirements for most loan products online. Use the links above to learn more about the qualifications of each loan type.
Since Conventional loan products are not government-backed programs, the qualifications may vary per lender. These products are typically more difficult to qualify for, however, they are a much more appealing financing option for those who do qualify.
Typically if all of the following are true, you should be able to obtain lender financing:
- A minimum credit score of 600
- A minimum 3.5% down payment available
- A debt-to-income ratio of less than 36%
- No 30 day + late payments in the past 24 months
- No major employment changes in the past 24 months
Regardless of if you think you qualify, you should reach out to a lender to attempt to get pre-approved.
Asking for a pre-approval will help you find out if you qualify & if you do not, why that is. Knowing why you don't qualify for a mortgage can be just as useful to you, since you will know what you need to do to apply again in the future!