Here are the basic financing requirements.
Loan score (580 - 599) 5% down payment
Loan score (600 & greater)$100 down on HUD homes, 3.5% down payment,
Loan score over 600, can qualify for HUD $100 Down, 100% USDA, 100% VA, and Down Payment Assistance Grant Programs!
If you are self employed, tax returns will be reviewed and the adjusted gross income is what the lenders use. The adjusted gross income is the figure at the bottom of the first page of your tax return.
The below items, will not be eligible for a mortgage.
-a foreclosure in the last 36 months
-a bankruptcy in the last 24 months
-tax liens
-Student loans or child support in collections
-a car that has been reposed within the last two years
Loan score lower than 500 are NOT eligible to obtain a loan as well as other circumstances below.
To Continue With The Application Process, CLICK HERE
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