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The Basics of Every Loan

When a Mortgage Loan is underwritten, there are four primary qualifications that are being measured. They are...

  1. Income / Employment History Typically seeking 2 years steady history
  2. Assets: Typically seeking 3 to 6 months of reserves (PITI)
  3. Debt / Credit History (FICO score): Ideally 680 score and above
  4. Equity position and / or down payment: Ideally a 20% or greater equity position

In an ideal world, all underwriters are seeking to "hit a homerun!" In other words, they would like to see all borrower(s) meet all of these pre-requisites. In doing so, it is easy for the bank to approve the loan because there is a high level of confidence that the loan will not be defaulted on. As we all know, this is not always the case. In fact, many borrowers fall short in one category or another. The important thing to remember is not to give up! There are other alternatives to consider for those who have a difficult time meeting all of the "ideal criteria." In fact, there are new and innovative loan programs being released almost daily. These programs are being tailored specifically to meet the needs of an ever changing and diverse borrowing community. A qualified Mortgage Professional should be able to quickly assess your situation, navigate through the options available to choose from, and make a recommendation that makes sense based on your specific qualifications. For more information or if you would like to have your own situation reviewed, call our office today and ask to speak with one of our Professional Loan Consultants.

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