How To Qualify For A Mortgage Loan

Here are some general guidelines of how you can qualify for a mortgage loan: 1. If you have filed for bankruptcy, you should wait for at least 2 years from the date of discharge. 2. If you have had an foreclosures, there should have been at least 3 years after the closure had been finalized. 3. You should have had late payments with your previous credits for at least a year (12 months). But if you had a great record of credit for several years and had some little occasions of late payment, the application may still be considered. Usually, lenders look out for late payments that are behind 30 days or more. 4. Your rental payment history might also be controlled. You should have punctual payments for at least the last 2 years to demonstrate that you pay on time. 5. Typically you might get disqualified for a mortgage loan if the government has guaranteed the loan of study should be the default. However, there are cases, the ban may be lifted provided that you have renegotiated your repayment schedule for the loan and the payment was done on time again for the past year. 6. All of your account that is in a state of collection should be repaid before applying for mortgage loans. 7. Judgments ordered by the court should already have been paid in full. Cases involving child support payments that should have ongoing and involved. 8. If you are self-employed or your income is commission-based, you usually need to have received a steady income from that source for at least two years so that the creditor would be able to account for your average income. There may be some cases exempt, however. 9. Lending institutions usually represent only a salary or bonus as part of "qualifying" source of income if you have had a history of bonus or salary from present employer for at least a year or two. Your employer should verify how much you work overtime or have served as bonus income, he would find those sources of income to be taken into account. 10. If you have two jobs, your secondary income may generally be considered as part of the income of qualifying, when she has had a continuous history of earnings of both jobs in the last two years, otherwise, only a workplace may be included in income for qualification. 11. If you received income through child support, you should have received income. Would be required to present a history of payments made for child support. Usually, if your status of child support was just released recently, it can not be regarded as a qualifying source of income. 12. If you are currently in trial stage, or if you are currently involved in all legal matters, such as a suit for divorce in progress, you may have to wait until the process becomes resolved before we can apply for a mortgage loan. What is the point of these qualifications? Lenders carefully scrutinize your qualifications in order to verify what the maximum amount of money that could never afford to pay months. They do it according to your information in some formulas that give fairly accurate predictions. If these predictions prove that you can afford to pay monthly charges to be set by the loan, you are more likely to be granted the mortgage loan. The importance of having a clean environment, or at least a decent record can not be over emphasized, when it comes to getting a mortgage loan. However, if you have had some small blemish in his record, operating to provide such considerations as detailed above. Knowing these, you can estimate more or less, if we would be able to qualify for a mortgage loan or not.