What You Need To Know About Getting A Mortgage
I think the best way to start this topic is that it doesn’t matter how much money you have to put down or how high your credit score is, it doesn’t guarantee you a loan. I wish it were that easy. I don’t think most realize how much is involved with the mortgage financing side these days. There are so many different guidelines that need to be followed and updates that occur on what seems a never ending basis.
In order to get a loan you have to meet the credit score requirements. What are those credit score requirements? The best answer is “it depends.” It depends on what product you are in whether FHA, VA, USDA, Conventional, Non-Conforming, etc.
You need to show income. We understand that many self-employed people write things off but you can’t have the best of both worlds. Also, what many don’t understand is that if you are writing something off it is a real expense. Now there are certain expenses that fall into business expenses that a employed person has such as a car payment, gas, mileage, etc. Remember though, an employed person can write things off too under the 2106 Expense – Unreimbursed Employer Expenses. This is deducted from your income.
It doesn’t matter how much money you are putting down, it does not guarantee you a loan. It can certainly help to have a lot of assets but again, there is so much that goes into getting a loan right now.
Every deal is different and a challenge in this current environment. There is no across the board answer to what is needed to get a loan.