USEA Mortgage Approval Infographic

HOW TO GET APPROVED FOR A MORTGAGE 24 YOUR MONTHLY INCOME AND EMPLOYMENT HISTORY PAY STUBS OR P&L IF YOU ARE SELF-EMPLOYED AND DOCUMENTATION OF ALIMONY, CHILD SUPPORT, BANKRUPTCY, AND/OR DIVORCE. TOTAL MONTHLY DEBT PAYMENTS AND RATIO TO INCOME THIS INCLUDES AUTO LOANS, STUDENT LOANS AND CREDIT CARD MINIMUM PAYMENTS. MOST LENDERS REQUIRE THAT YOUR TOTAL MONTHLY DEBT BE NO MORE THAN 36% OF YOUR GROSS MONTHLY INCOME (DEBT-TO-INCOME RATIO). YOUR CREDIT SCORE AND ANY CREDIT ISSUES IN THE PAST FEW YEARS YOUR ESTIMATED FICO CREDIT SCORE SHOULD BE AT LEAST 680 AND PREFERABLY ABOVE 700. HOME APPRAISAL YOUR LENDER WILL DO THIS FOR A FEE, BUT THE HOME COLLATERAL VALUE NEEDS TO BE ESTABLISHED TO GET APPROVED. DOWN PAYMENT AT LEAST 10% DOWN PAYMENT UNLESS YOU'RE GETTING AN FHA LOAN OR ANOTHER SPECIAL PROGRAM LOAN. IF YOU HAVE IT, CONSIDER PUTTING 20% DOWN TO AVOID PRIVATE MORTGAGE INSURANCE (PMI). HOW MUCH HOUSE YOU CAN AFFORD $45 EXPERTS SAY YOUR MONTHLY MORTGAGE PAYMENT SHOULD NOT EXCEED 28% OF YOUR GROSS MONTHLY INCOME. PREAPPROVAL VS. PREQUALIFICATION PRE-QUALIFICATION DOES NOT PRE-APPROVAL MEANS THE LENDER REQUIRE YOUR SOCIAL SECURITY RUNS YOUR CREDIT AND EVALUATES NUMBER AND ALLOWS YOU TO YOUR FINANCES. THIS IS THE MOST COMPARE LOAN DETAILS WITHOUT ACCURATE WAY TO SHOP FORA HOME HAVING YOUR CREDIT ACCESSED. LOAN; HOWEVER, IT DOES REQUIRE YOUR SOCIAL SECURITY NUMBER AND RESULTS IN A HARD INQUIRY ON YOUR CREDIT REPORT. TRY A BIWEEKLY PAYMENT SERVICE TO PAY DOWN YOUR MORTGAGE FASTER INTEREST SAVED INTEREST SAVED $0 $27,725 PAY OFF 41/2 YEARS EARLY BIWEEKLY 30 YEAR TERM STANDARD MORTGAGE CREATED BY US EQUITY ADVANTAGE http://www.moneyunder30.com/your-first-mortgage-how-to-apply-and-get-approved http://www.moneyunder30.com/how-much-house-can-you-afford https://www.lendingtree.com/mortgage/minimum-mortgage-qualifications-article