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Underwriters look for current stability... past 2 years of credit history will have the greatest impact... no payments over 30 days late on rent or previous mortgage... no late payments in past 6 months and the cleaner the history, the better! Credit problems 3+ years old may be OK if recent history is good.

Chapter 7 Bankruptcy must 2+ years old. If in Chapter 13, You may qualify if in Chapter 13 for onver a year.. Foreclosure or deed in lieu of foreclosure must be completed 3 years prior to getting another home loan... outstanding judgments and collections must be satisfied... Tax liens? Can sometimes work around. If current credit is good, can usually help you!

>Credit impaired?? Click here!
Never prejudge your credit, much can be worked out...
I can check your credit and prequalify you.
>Call me at (800)295-4007. >On the lighter side...


Debt Ratios:
Max house payment is 28% of gross monthly income-- or: max mortgage amount is about 2.5 times your annual income before taxes, assuming small amount of consumer debt (credit cards, car payments, etc). Max amount of debt plus house payment is 36-41% of gross monthly income... Child support or alimony can be a debt or asset, depending on which way cash flows. Summary:

>Max Mortgage = 28% of gross monthly income >Max debt (mortgage + debt)= 36-41% of gross monthly income >Click here to work your own numbers


Generally, need two years work in current job field... exceptions include having education in the area you are working in, service on active duty military or changing job fields for an increase in pay. Can count part time, overtime, bonus income, commissions and self employment with 2 year history.

Down Payment:
Conventional Loans...5% min...FHA-- 3% to 5%...VA--$0 Down... Other loans require no down payment. I also have lenders that offer No Down Payment - 100% financing products, even if you are not a first time homebuyer or a veteran!

Closing Costs:
Closing Costs... are fees to close the loan... include Credit Report... Appraisal...Origination Fee...Discount Points... Tax Service...Document Preparation...Survey... Title Search...Title Insurance... Flood Certification... Hazard Insurance...Mortgage Insurance... Tax Escrow...more! Costs vary depending on property, lender, lawyer, any agreements made with seller... Some finance programs allow reduced or no closing costs... it pays to shop around!

>Mortgages can be confusing! Mistakes can cost you thousands of dollars. I insist on mortgage counseling for all my clients to find the plan that's best for them! >E-mail me at or call Bob at 800 295-4007 >Like lawyers,lenders, bakers and barbers, there are good agents and bad agents...
Mortgages - Types of mortgages and special programs
Interest Rates - Interest Rates and how they affect your investment.
Terminology - What the Realtors are saying.
Assessments/Appraisals - You need to know the difference!
Back to the Finance Page - How you finance your property is critical!