- A valid Social Security number
- Proof of U.S. citizenship, legal permanent residency or eligibility to work in the U.S.
- Bank statements for, at a minimum, the last 30 days and documentation for any deposits made during this time
- A DTI of less than 50, which means that your total monthly debt payments can't be more than 50% of your pretax income
- An appraisal to ensure that the home you want to buy is a good investment and meets basic safety and livability standards
Fixed Rate Mortgage Loan
Manage Your Mortgage
Mortgage Loan Process
It may be challenging or impossible to get a mortgage with bad credit, but you don't need perfect credit to get approved for a home loan! We require a credit score of at least 640 to qualify for a mortgage.
Note that people with lower qualifying credit scores will get higher rates than people with excellent credit.
- Whether the late mortgage payments occurred recently (within the last year) or further in the past.
- Whether the late mortgage payments are the only example of missed payments in your financial history.
- Whether you have other types of late payments on your record and/or have had bills go to collection.
- Appraisal fee to determine what the home is worth.
- Home inspection fee to evaluate the home before closing (an optional but recommended service)
- Title search to ensure there aren’t any issues with the title of the home, such as a tax lien.
- Title insurance to protect your lender in case there are issues with ownership after the sale.
- Prepaid taxes – you may need to pay six months to a year’s worth of property taxes in advance at closing.
- Settlement fee - fee for settlement agent to close your loan
- Homeowner’s insurance - 12 mos upfront and 3 mos in escrow account
- Prepaid interest - interest from the day of closing until the end of the month (under mortgage cost)
- Credit report fee to check your credit report and score.
- Origination fee or commitment fee for creating the loan.
- Points can be paid upfront to lower the interest rate on your mortgage – this may raise your closing costs but reduce the amount of total interest you pay over the life of your loan.
- Your credit score and repayment history
- Your debt-to-income (DTI) ratio
- Your loan amount or loan-to-value (LTV) ratio
- Your preferred loan term (shorter terms get lower rates)