Archive for the ‘Qualifying For A Home Loan’ Category
How Can You Qualify For A Home Loan?
Written by admin on September 14, 2007 – 7:51 pm -Qualifying for a home loan is more than just applying in today’s market.
Today’s home loan standards are changing almost every day. It is a combination of the declining home values in some cities and the sub-prime mortgage “melt-down”.
There was a time not too long ago where all you had to do to qualify for a home loan was to apply. Well, it was a little harder than that, but it seems like it was that easy.
You didn’t need a down payment and you didn’t need to make a lot of money. At least that is what some home loan lenders would lead you to believe.
Now, for the most part, you will need a down payment and you will have to verify that you make enough money to afford the home that you are buying. That sounds like commom sense if you ask me, however that is where the industry has put itself.
The down payments do not have to be large, they can be as little as 3-5% of the purchase price and there are still a few ways to obtain 100% financing. You need to talk to your home loan lender or mortgage company and find out what is available today.
