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What Do I Need to Qualify for a Loan These Days?

What do I need to qualify for a loan these days?

Need:

Qualify for a loan

Home loan qualification

Finding a home

Realtor

Real estate

Your lender of choice will help determine your situation with far more accuracy but in very general terms, in order to be considered for a loan in today’s market you will need:

A minimum of 3% liquid cash in down payment funds, often 5% or more is required

Additional funds to pay for closing costs (or an agreement in your offer to buy asking the seller to pay your closing costs)

A credit score of 560 or better

Secure long term income source

Documentation to support all of the above

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