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Qualifying for a Home Loan

Consumers who have been limited by their credit score in the past should ask a mortgage professional for a credit review. When it comes to credit, a lot can change in just a few months. Borrowers may be pleasantly surprised by what they can now afford to purchase or refinance in today’s real estate market. More importantly, consumers may find that the information that appears on their credit report is incorrect − or even worse, that they've been a victim of identity theft. If these or other credit problems do exist, an experienced mortgage professional can provide the information and tools needed to reduce or repair these issues.

Remember, many lenders are now using automated underwriting, and the mortgage application process has been streamlined. If a consumer has reasonably good credit, he or she may be required to provide little or no documentation beyond one bank statement and the most recent pay stub. In some cases, these requirements may even be waived completely.

If the borrower can't provide documentation at all, mortgages now exist that offer stated income and stated asset processing styles. If the borrower is uncomfortable with stating income and assets, a no documentation loan may be the program to pursue. All this loan requires is basic personal information, very good credit, and the necessary down payment. Some lenders even allow No Doc loans with as little as 5% down!