Home Loans in Orlando, FL

Do I Qualify?

There are multiple and varying factors to account for when learning if you qualify for a home loan. One of the first things a lender looks at is your household income. Lenders want to be sure you can cover your mortgage payments and other bills like utilities. Lenders want to know that you are consistent.

The type of property you are looking at can affect your ability to get a loan. One of the easiest property types to get a home loan for is a primary residence. A primary residence is a home you plan to live in for a majority of the year. Primary residences pose fewer risks to lenders and certain types of some government-backed loans are only for primary residences.

Your credit score is what lenders use to determine if you consistently pay your bills on time and avoid taking on too much debt. You will need to have a FICO Score of at least 620 to qualify for most types of loans. An FHA Loan is ideal if you have a credit score lower than 620. The higher your credit score, the more home loan options you have available to you.

Debt-To-Income Ratio is another determining factor with lenders. Mortgage lenders want to know that you have enough money coming in to pay for all of your bills. Your Debt-To-Income ratio informs lenders on how much of your gross income goes to required monthly bills.

• Complete our simple mortgage pre−approval letter request
• Receive options based on your unique criteria and scenario
• Compare mortgage interest rates and terms
• Choose the offer that best fits your needs