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Posted: Tue Jul 21, 2009 10:16 pm Post subject: pre oproved question

What is the requirment to get approve for house up tp 330K I am looking house for that value i want to know what would be bank requirement.
please tell me

jenkin7 · Posted: Tue Jul 21, 2009 10:51 pm Post subject:

Hi Guest,

In order to get pre-approved for a home loan, you need to show your lender that you have a good credit score and you earn enough to afford the loan payments. Your credit and income are the two basic requirements to get pre-approved for a loan. Apart from these, the lenders will also check your debt-to-income and LTV ratios, your payment and employment history etc.

You can use a mortgage calculator and find out 'how much mortgage can I afford". The calculator will let you know whether you have income sufficient enough to get approved for a mortgage of the required amount.

gmakerley · Posted: Wed Jul 22, 2009 8:11 am Post subject:

you will need to provide the following documentation to a lender:

most recent month's worth of pay stubs; w2 forms for the last 2 years; 2 most recent bank account statements (all accounts); evidence of payment in full of any collections or chargeoffs; 2 years' federal tax returns - all schedules - if you're self employed (and be prepared with these even if you're not self employed). it won't hurt to have a credit explanation in advance if there are any credit issues that have befallen you.

Posted: Wed Jul 22, 2009 8:50 pm Post subject:

my credit score is 670 and will it affect for me to buy the house value of 300k

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

670 is good enough for an FHA approved loan. 740+ for conventional loans.

gmakerley · Posted: Thu Jul 23, 2009 7:10 am Post subject:

guest, your credit score is but one element of the qualifying process. if your income is insufficient to approve a loan, then the score won't have any relevance at all. if you lack the funds to make the purchase, you won't get approved, either. there's so much more to it than simply the score.

nevertheless, 670 will not hurt you in the least with fha financing, and if you opt for conventional financing, it will cost you a bit more than otherwise.

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