Home Loans in Windermere, FL

Do I Qualify?

There are multiple aspects to consider when determining if you qualify for a home loan in Windermere. The first thing most lenders look at is your household income. Lenders want to know you can cover your mortgage payment and other household related bills.

The type of property you are looking at can affect your ability to get a loan. One of the easiest properties to buy 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 government-backed loans are only available for a primary residence.

Your credit score is a great way for a lender to determine if you are reliable by paying for your bills on time and do not take 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.

Debt-To-Income Ratio is another determining factor for 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 about how much of your 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