Mortgage Loan Requirements, Home Loan Financing, House Mortgage Loan - Say Yes to the Keys Real Estate - Richmond, Texas

Loan Types We Offer

Say Yes to the Keys Real Estate is your home loan financing choice that offers several types of loans. There are six main kinds of mortgages, each with its own benefits, features, and mortgage loan requirements.

Conventional loan: Best for borrowers with good credit scores

Jumbo loan: Best for borrowers with good credit looking to buy a more expensive home

Government-backed loan: Best for borrowers with lower credit scores and minimal cash for a down payment

Fixed-rate mortgage: Best for borrowers who’d prefer a predictable, set monthly payment for the duration of the loan

Adjustable-rate mortgage: Best for borrowers who aren’t planning to stay in the home for an extended period, prefer lower payments in the short term or are comfortable with possibly having to pay more in the future

Specialized loans: HELOANS, Home Equity Line of Credit, Investment Loans - DSCR

What's Needed to Qualify

Credit Score: A strong credit score could help you secure a lower mortgage rate. You generally need a credit score of at least 620 to qualify for a conventional mortgage, though every lender has different mortgage loan requirements. It's possible to qualify for an FHA loan, which is backed by the federal government, with a credit score as low as 500.

Down payment: The typical down payment on a house is between 3% and 20% of the purchase price. The amount you’ll be required to put down may vary depending on the loan program you use to secure your home loan financing. Government-backed loans like VA and USDA allow for down payment as low as 0%. On the other end of the spectrum, jumbo loans may require minimum down payments of 10% or more.

Debt-to-income ratio: A DTI of 36% or less is generally preferred by lenders, though some may accept higher ratios.

Employment history: At least 2 years of employment within the same industry is preferred by lenders.

Documentation: Social security and identification cards to prove your identity. Two year of tax returns, W2s, 2 months of bank statements, 30 days of paystubs, and a credit report to verify income, assets, and debt payments.

Preapproval: The first step in getting a mortgage.