Qualifying for a Home Purchase Mortgage in Seattle
As you can see, different types of home purchase loans have different qualification requirements. Qualifying for a conventional loan is different than qualifying for a jumbo loan or a VA loan or an FHA loan.
In general, however, regardless of the type of loan you are applying for, the lowest-risk borrowers will qualify for the best rates and terms. Ideally, a home purchase loan applicant should:
- Have a good credit score.
- Have a debt-to-income ratio which can comfortably accommodate the addition of a mortgage payment every month.
- Be employed steadily for a period of at least two consecutive years.
- Not have a bankruptcy or foreclosure within the past 2-3 years.
- Be able to afford a down payment. The amount of that down payment will depend on the type of loan as well as the criteria above.