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How to Qualify for a House Loan


Owning a home is part of the American dream. Unless you have a large
sum of cash to pay for your house in full, you'll need a house loan,
usually called a mortgage. Unfortunately, not everyone qualifies for a
home loan. Credit, income, job history and collateral are important
qualifying factors to receive a house
loan.Difficulty:ModerateInstructions Check your credit score. Your
credit score is often the main determining factor in getting a home
loan. Request your credit report from Equifax, Transunion and Experian
(see Resources). Dispute any incorrect or fraudulent activity. Settle
any old debts that may be pulling your credit score down. You need a
credit score above 600 to qualify for
How to Know if You Qualify for a VA Loan
There are many options when considering a home purchase. A Veteran's
Affairs (VA) loan usually carries lower interest rates than other
mortgages and requires no down payment. VA loans are especially
helpful to borrowers with bad credit. If you are planning to buy a
home, check the following qualifications to see if you qualify for a
VA home loan.Difficulty:EasyInstructions Determine if you were on
active duty in a branch of the U.S. military (Army, Marine Corps,
Navy, Air Force, Coast Guard) for the required amount of time. Members
who served prior to 1981 (for officers, or 1980 for enlisted) must
have been on active duty for at least 90 days during WWII, the Korean
War or Vietnam, or on
Does My House Qualify for an FHA Loan?
The Federal Housing Administration insures mortgages written against a
variety of different property types including single-family homes,
manufactured homes and condominiums. In order to obtain an FHA-backed
loan, however, your home must pass a stringent FHA appraisal.
Additionally, the FHA has strict guidelines in place for the types of
condos and mobile homes that it finances. FHA-approved
PropertiesYou can use an FHA loan to finance one to four-unit
properties that are stand-alone structures, semi-detached or row
houses. The FHA only insures primary residences, so if you use an FHA
loan to buy a duplex you must live in one of the units. FHA appraisers
inspect financed properties to loo
Do I Qualify for an FHA Loan if I Am Paying for a House?
If you are paying for a house, do not already have an FHA loan
exceeding a 75 percent loan-to-value ratio and meet basic down payment
and credit requirements, you likely qualify for an FHA loan. FHA loans
are typically much less restrictive to homebuyers than conventional
mortgages. FHA BasicsFHA loans are part of a large
government-backed loan program that has been around since 1934. The
Federal Housing Authority has been part of the Department of U.S.
Housing and Urban Development (HUD) since 1965 and offers loans for
buyers who struggle to meet the more stringent down payment and credit
requirements of conventional loans. Many lenders are approved by the
FHA to offer mortgage financing
If You Don't Qualify for a Loan Modification, Can You Rent the House Back?
A mortgage loan modification can help you keep your house and home
loan after experiencing financial hardship. But sadly, not everyone
meets the requirements for a loan modification. Lenders decide
approvals after reviewing a borrower's circumstances. But even if a
borrower can't get a modification, other alternatives are available to
help them stay in the home. Mortgage ModificationQualifying for a
mortgage modification means that your home loan lender has agreed to
change the terms of your mortgage loan. Changes can include offering
you a cheaper interest rate on the mortgage loan and lowering the
monthly house payment. Lenders modify home loans to produce affordable
payments and help b
How to Qualify for a Loan
When buying costly items such as a house or a car, many people make a
down payment, then borrow the rest of the money from a bank or lender
and make monthly payments on that loan until it is paid off. However,
not everyone is approved for loans; you must demonstrate that you meet
specific criteria before you are approved. While different banks and
lenders might have different details as to who qualifies for a loan,
the general process to qualify is similar for most financial
institutions.Difficulty:Moderately ChallengingInstructions Save for
a down payment. Banks are more likely to qualify you for a loan when
you prove that you have enough money for a sufficient down payment. It
shows tha
How to Qualify for a Modication Loan on My House
Qualifying for a mortgage modification on your house can save your
property and avoid foreclosure. Unemployment due to layoffs, illness
or disability can trigger mortgage payment problems. Rather than sit
back and wait for a lender to take back your property, be proactive
and approach your home loan lender about a modification. Not everyone
meets the qualifications, but the more information you have on the
process, the better your odds of getting
approved.Difficulty:ModerateInstructions Things You'll Need
List
of income and expenses
Hardship letter

Document
everything to show your mortgage lender. Keep records of your monthly
income and the amount you spend o

What Does it Take to Qualify for a Home Loan?
When pre-qualifying a borrower for a mortgage, the lender looks at a
variety of factors to determine a borrower's eligibility for a loan.
Factors such as credit score, cash reserves, income and debt load are
all given consideration. While each lender has a different method for
determining eligibility, most consider similar variables in their
decision-making process.

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