Qualifying for a Mortgage Loan

You must have been on your job or in the same line of work for at least 2 years.

Mortgage lenders don’t like “slow pays”.

If you filed bankruptcy or had a foreclosure in the past two years be prepared to have a difficult if not impossible time finding someone to do a mortgage loan for you.

A bankruptcy, discharged over two years ago, will be considered on a case by case basis. Foreclosures must be three years from the date of sheriff’s sale to be considered.

On FHA loans, your total monthly payment cannot exceed 31% of your gross monthly income. That’s before anything is taken out.

Your house payment plus all other debt (car, truck, boat payments, credit cards, child support, alimony, etc.) cannot exceed 43% of your gross monthly income.

On conventional loans, your house payment can’t be more than 28% and total debt can’t be more than 36% of your gross monthly income.

Please contact a mortgage lender for complete details.