Q&A: Current home loan requirements….?

Posted on Jun 8, 2024 in Stated Income Loans

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Question by Amy: Current home loan requirements….?
If I wanted to apply for a loan now, order does anyone know what else banks ask for besides having good credit and documented income? I know they are much more stringent now.
Thanks a lot!

Best answer:

Answer by golferwhoworks
same as always the better the score the quicker the approval. They want down payment money in the bank for not less than 2 months as well as closing cost if the seller will not pay it. You need in real life now not less than a 600 score FHA and 3.5% down. Get with a mortgage broker banker in your state and ge pre qualified to buy. Then go house shopping
I am a mortgage banker in TN & KY

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One Comment

  1. They target your loan payment (which includes real estate taxes, homeowners insurance private mortgage insurance) to be no more than about 28% of your gross wages. Gross is before any deductions for taxes.