Home Loan Qualification – 1
Let’s simplify! There are three basic components for home loan qualification:
- Income – including job history,
- FICO Scores and
- Liquidity For
- Down Payment
- Closing Costs
- Reserve Funds
if you have good income, good FICO and enough fund reserved, then you mostly likely to qualify for a home loan. The only question left is how much you qualify for and/or how much you are comfortable with monthly mortgage payment. If you are on those, then kudos to you:)
However, the problem is that most people have only two good components out of those three(Income, FICO and Liquidity).
For instance, most people have
- Good income and good reserve(liquidity) but low FICO score, or
- Good FICO and good reserve(liquidity) but limited and/or no income, or
- Good income and good FICO but limited reserve(liquidity).
If you are missing one piece of those components (Income, FICO or Liquidity), then call/txt me or email me and I will go above and beyond to find you a loan.