The Loan Process
Qualifying for a home loan is easier than many first-time buyers might think. Individuals with stable income who can afford the mortgage payment can usually find a loan product that will fit their financial situation. In the modern lending market, credit difficulties and a small down payment wont usually impair your desire to purchase your first home.

The primary step in qualifying for a first-time buyer loan is the ability to prove steady employment. The underwriting guidelines stipulate borrowers maintain a job that provides sufficient income to pay back the loan. A married couple can use both the husband and the wife’s income when applying to increase their borrowing ability. Lenders next look at an applicant’s credit rating. Each lender has its own minimum credit rating required for loan applicants, but small blemishes on a borrowers credit history will not necessarily impair their ability to qualify.

In addition, most loan programs require an applicant has saved funds for a down payment. Most first time buyers do not have the ability to put down 20 percent, however there are many loans such as FHA and VA which are tailored to these individuals. In which case, the guidelines allow for much smaller or no down payment financing and effectively removing this financial hurdle and allowing more people to realize the dream of home ownership. Finally, lenders consider the debt-to-income ratio, which measures the amount of debt an applicant has compared to the amount of income when determining eligibility. Paying down certain debt prior to applying can improve this ratio and often improves credit rating thus earning a better interest rate.

If you are wondering whether or not you qualify for a mortgage and you have steady income, chances are you do. Talk with a loan specialist to find the mortgage product that matches your financial situation and receive pre-approval today.

C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker # 01821025; NMLS # 135622. C2 Financial is a VA approved lender; not endorsed or sponsored by the Department of Veterans Affairs or any government agency. Loan approval is not guaranteed and is subject to lender review of information. Loan is only approved when lender has issued approval in writing. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. This licensee is performing acts for which a real estate license is required. C2 Financial is licensed by the California Bureau of Real Estate: Broker #01821025. NMLS #135622. California Bureau of Real Estate #01326712, NMLS#84095.
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