Qualifying for a Mortgage

Qualifying for a Mortgage

Here are a few things to consider when you are seeking a mortgage loan.

LATE PAYMENTS: Most loan guidelines require a at least 1 year with no late payments on your credit report. Some exceptions apply, if credit is otherwise exceptional. A payment is late when it is 30 days or more past due.

BANKRUPTCY: If you have a bankruptcy in your history, you must wait 2 years after the discharge date to be considered for a loan.

FORECLOSURE: If you have a foreclosure in your past, you must wait at least three years after it is finalized to be considered for a home loan.

DEFAULT STUDENT LOANS: If you have defaulted on student loans, it will disqualify you from getting a mortgage. Exceptions may apply if you are following an agreed payment plan.

COLLECTIONS: Any account in collection status must usually be repaid before you can qualify for a home loan.

JUDGMENTS: Court ordered judgments must be paid in full. Court ordered child support must be caught up and current.

SELF-EMPLOYMENT AND COMMISSION-BASED INCOME: Self-employment income and commission income that has been received for less than two years will not qualify as income for a mortgage loan. Exceptions do apply.

OVERTIME AND BONUS INCOME: Overtime and bonus pay can qualify as income for the purposes of the loan if there is a solid history of such payment from your employer of at least one year.

LAWSUITS OR PENDING DIVORCE: If you are involved in legal actions, a mortgage loan will generally not be granted until the lawsuit is settled.

Jenna Ryan Broker

About 

Jenna Ryan is a real estate Broker specializing in Frisco, Plano, McKinney & Allen Real Estate. She is a native Dallasite and lives in Frisco, TX. Call 972-510-9177 to arrange a tour of the area or to view the homes & property of your choice.

Request Your FREE For Sale By Owner Package!!!


Information About Brokerage Services



Ready to view Properties???
Call Jenna Ryan Today! 972-510-9177
The information on this website is for information purposes only. Jenna Ryan Realty nor its affiliates makes no express or implied guarantees about the accuracy of the information contained herein. Unless otherwise noted, the information on this website was compiled and written by Jenna Ryan and may not be reproduced without written permission.