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How to Qualify For a Home Mortgage

Updated on July 27, 2008

Everywhere you go now days you hear someone say how difficult it is becoming to qualify for a home mortgage, and the sad part is that it's true. However, the formula for getting approval isn’t too difficult to understand and there are strategies you can use to insure that you qualify for a home mortgage. You need to learn and follow the same guidelines that the mortgage brokers use to determine your creditworthiness and judge whether it’s the correct time to apply for a mortgage.

In the event you are turned down, what you learn from the experience could eventually help you qualify for a home mortgage. Also, as the money market eases in it's panic, you may even find yourself in a great position to buy a low-priced, quality, home with the exact qualifications the lenders are looking for in a borrower.

Your Credit Statements

You can prepare yourself for the qualification process by requesting a copy of your credit report. You need to do this before you apply for a home mortgage. There are three major credit bureaus that you will need to request a copy of your credit report: Equifax, TransUnion, and Experian. Each company maintains different types of information about your credit so you will need to get a report from each credit bureau. One company may have entries that the others don’t and the key is to clear up all your financial reports so that your credit is clean by the time you apply for a home mortgage.

Once you receive your credit reports, check them out for any inconsistencies that might be disputed and then resist them. If you want to get your actual FICO score when you get a free copy of your credit report, then you will have to pay for that report since it is not offered free. The new FICO score that lenders are looking for is anything above 720, so it is worth the cost to purchase a copy of your score. The higher your score is above this number, the more leverage you have for scoring a low interest rate and favorable home mortgage terms.

Seek Home Ownership Programs

There are agencies set up to help low-income people who aren't able to qualify for a home mortgage by educating them on the mortgage loan process. You will want to do your research to determine if you are eligible to participate in any home mortgage and ownership classes to help you resolve issues in advance. You can go to places such as the Department of Housing and Urban Development and your state’s Housing Finance Agency to learn how to protect yourself from fraud. It's also good to check out your local yellow pages and review the credentials of any program with the state agencies to protect yourself from fraud. Other problems that can be discussed in these programs are your income level, your level of debt, and your reasons for buying a house.

Everything You Always Wanted to Know About Home Mortgages But Never Dared to Ask! Click our link to get your F*R*E*E report today:

To Your Success,

Anthony Bartlett


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