What Do I Need to Qualify for a Loan These Days?
What do I need to qualify for a loan these days?
Qualify for a loan
Home loan qualification
Finding a home
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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