Pre-Qualify Strategies

Here are the basic qualifying requirements for all loans. These requirements can change due to your circumstances so they do not apply to everyone individually. They apply to everyone in general.

Debt-to-Income Ratio

This is calculated by taking your monthly debt (anything that shows up on your credit report, car payments, minimum credit card payments, student loans, boat and RV loans) This does not include monthly rent, utilities, phone or cell phone bills, insurance of any sort. You take only your consumer debt and add to that your potential house payment and divide it into your monthly income, before taxes. It should be around 41%-45%. If you are confused please call and I will do this for you.

Credit

For Conventional Financing your credit score should be above 640. If you are below 640 that is OK, just as long as you are not below 580. If you are below 580 then you will still need to contact me so I can show you what you need to do too qualify. Click on "Free Credit Report" to find out your score.

If you are a Military Veteran do not go to "Free Credit Report" regardless of your situation. Contact me directly because the VA does not have a credit score requirement. We will talk further about this when you contact me.