New customer protection laws and government rules have made mortgage lenders to follow good practices to ensure that home buyers qualify for home loans. Lenders should test relevant things like debt-to-income ratio, credit score, and down payment. Customers have their own responsibilities. They need to research the type of loan, lending agency, repayment time frame, and other things to get a loan before they sign up. 

    With so much verification process and paperwork included, this process is never going to be speedy. Before looking for a lavish apartment, take your time to figure out how you are getting a mortgage and how much you can go with. 

    What credit score is required for eligibility? 

    Lenders first check your credit score. If it is not that high, it could be a turn-off. A lot of lenders require a score of at least 680 or up to decide a mortgage. You can get one if you score under that limit, but there are chances you could end up with a conventional loan from an online lender or bank.  

    If your score lies around 680 to 750, the interest rate would be relieving, but if you score above 750, you can claim the lowest possible interest rate. If your score is around 680 and you have a credit history, it may be more on the expensive side rather than eliminating you from home loan eligibility. 

    For example, Veteran Administration loans require a minimum score of 620 for military families. For low-moderate income housing, the US Department of Agriculture requires a credit score of a minimum of 620 for homes in rural areas. You can get loans with a score of 580 with the Federal Housing Administration. 

    How much loan can I afford for a home?

    In order to figure out your affordability, the formula is quite simple. You need to submit your honest numbers, which show your minimum debt payments, income per month, and money that is available for a down payment, as well as your credit score. Choose an online mortgage calculator and figure out how much mortgage you can get with your numbers. It will basically ask your monthly debts, income, estimated taxes, home association charges, and home insurance. Answer a few questions, and the calculator will show up with a number that must be around your affordability. 

    How can I get pre-approval?

    You may want to know what kind of house you are looking for. But you may never know whether you can buy one. This is where pre-approval of mortgage plays a great role. Simply give your mortgage lender or bank all the details about your expenses and income. Let them do the math and show up with the actual amount you can get. There is no need to apply for a loan from a lender for pre-approval, and they don’t have to pass you the mortgage. It simply means whether you qualify to borrow the specific sum of money so you can proceed with the home buying process. This amount is also important for a seller who should know whether you are actually eligible to make an offer. 


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