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 The
decision to purchase a new home can be very exciting and stressful
at the same time. In this section we will provide
you with the information lenders look for when approving a
loan. When applying for a loan on your new home,
remember that you do not necessarily have to have the house
picked out to begin the process. When applying for a
loan, the lender is generally looking for two main factors:
Your ability to repay the loan and your willingness
to repay the loan.
Your ability to repay is based on the following:
- Your employment income - how much you make at your
current job, and
- Your employment history - generally mortgage companies
prefer that you have been employed at the same place
for at least 2 years.
Your willingness to repay is based on the following:
- How will the property be used? - will you be occupying
the house or will you be renting it out for additional
income?
- Your credit history - How current are you on all of
your monthly payments and do you have any other outstanding
debt?
Please remember that each case is handled individually and that
there are no set rules. Franklin Mortgage
is in the business of getting you a loan. We will help
you find a loan program whether your credit is excellent or
less than perfect. We have programs that may suit you even if you have had past
credit problems.
Contact Franklin Mortgage and we will guide you every step of
the way!
Pre-Qualify
now and determine your eligibility, or Review The Application
Process |
