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Developing Good Credit - Qualifying For A Mortgage
By Vanessa A. Doctor
The idea of buying your own home is a very attractive prospect. Then again, making that home purchase is not as easy as you may think. Money is definitely involved, and you'll surely need lots of it.
But what if you don't have the cash to buy your dream house? You need not worry. You can always borrow money from the bank -- that is if you qualify for a mortgage.
So before making that formal visit to the bank, you should first assess yourself -- along with other pertinent personal information -- and determine whether you would meet the requirements set before you or not.
If your answer is a big NO, then you might as well back away. Banks don't lend money to just anyone. You have to assure them that you have the capacity to pay and that you're responsible enough to pay your debt on time. Nevertheless, there are a few things you can do in the meantime.
Get to know some of the common mortgage qualifications. Then, make an effort to develop good credit so that you can eventually qualify for a mortgage.
Mortgage Qualifications
Your employment history is very important. It will be a key factor in determining if you are indeed qualified for a loan or not. A continuous employment of two years or longer is what you need to be dubbed of having a steady job.
However, you need not hold the same position for that period of time for as long as the moves resulted in equal or bigger salaries. In some cases, a bank would allow you to get a loan even if you haven't been employed continuously provided that you have good reasons behind the circumstance.
The manner in which you take care of your bills will also be evaluated. It usually gives a lender a number of indications of how you would probably pay them later on. You will be requested to hand over a list of all your existing debts, your monthly payments, and the period of time left to pay on the debts. The lender will then request for a credit report to validate the information you have given.
Other Mortgage Guidelines
On your initial meeting with the lending company about your mortgage application, you'll most likely be evaluated using two generally accepted guidelines. The following will help ascertain your ability to pay them back.
* Monthly Housing Expenses - This includes property taxes, mortgage payments, homeowner's fees, and homeowner/mortgage insurance. The expenses should not amount to more than 28% of your monthly income.
Aside from your regular salary, your gross income could include pay from overtime work, a second job, or a part-time job. Benefits from Social Security, VA, disability, unemployment, and welfare should also be counted in. In divorced clients, alimony and child support need to be included as well.
* Monthly Payments - On top of the monthly expenses, long-term debts and other payments should also be included in the computation. Examples of which include payments on student loans, car loans, and other similar payments.
The total amount should not add up to more than 36% of your monthly income. You may, however, meet the criteria for special assistance program depending upon your total household income. These programs may assist you in getting a bigger loan than you'd normally qualify for.
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Georgia Mortgage Loan News
Sell Or Lease Home To Faithful Caretaker (The Tampa Tribune)
I inherited a home from a family member, and it has no mortgage. The house is in California and I am in Georgia. The caretaker, who was instrumental in taking care of my elderly aunt before her death, wants the house but would not qualify for the mortgage based on her income or assets.
Read more...Around the nation (Houston Chronicle)
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Read more...Isakson chats with locals (The Thomaston Times)
U.S. Senator from Georgia, Johnny Isakson (seen above) spoke to an invited crowd of Thomaston-Upson County leaders on Monday Aug. 25 at Colony Bank. Chris Pettis, Colony President, hosted Isakson as the Senator tours around the state during the August recess of the U.S. Congress.
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HOPE NOW, the private sector alliance of mortgage servicers, counselors, and investors that has been working aggressively over the past year to prevent foreclosures today announced that over 2 million homeowners have avoided foreclosure and have been able to stay in their homes due to the unwavering efforts of HOPE NOW and the broader mortgage industry.
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Fiserv, Inc. (NASDAQ:FISV), a leading provider of information technology services to the financial industry, announced today that Troy, Michigan based Flagstar Bank (NYSE:FBC), a $14.6 billion-asset federal savings bank, has begun to originate its prime residential mortgage loans with electronic notes using Fiserv technology, for sale to McLean, Virginia based Freddie Mac (NYSE:FRE), one of the ...
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Read more...Flagstar Bank To Originate Electronic Notes Using Fiserv eLending Technology For Sale to Freddie Mac Under Process ... (Business Wire via Yahoo! Finance)
BROOKFIELD, Wis.----Fiserv, Inc. , a leading provider of information technology services to the financial industry, announced today that Troy, Michigan based Flagstar Bank , a $14.6 billion-asset federal savings bank, has begun to originate its prime residential mortgage loans with electronic notes using Fiserv technology, for sale to McLean, Virginia based Freddie Mac , one of the nation’s ...
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