How Do You Qualify for a Home Loan?
Home Loan Qualification
Loan qualification depends on which loan you are applying for. There are a variety of loans offered in the market, including conventional loans, jumbo loans, USDA loans, VA loans and FHA loans. Each type of loan has its own advantages and disadvantages. Choosing the best loan for you will largely depend on your own circumstances and future plans.
Eligibility for a mortgage usually depends on some or all of the following:
Your credit score
Your credit report
Your employment record and income level
Intended house price
Intended house location
How much you have for a down payment