The Big 3

The Big 3 are the 3 most important items for underwriting a home loan:


1) Credit - We like credit scores to be above 580 but we can go down to 500, if needed. Credit scores are usually the key indicator when deciding which loan program to use. 


2) Income - In our growing economy, incomes can be drastically different. It's important to have all income documentation from, at minimum, the last 2 years. Income is the key indicator for determining the max home loan amount you can be approved for.  


3) Assets - Assets are the key to being able to close. You will need funds to cover the down payment amount selected and any closing costs not covered by another party. It's very important your assets are always in an account and not in form of cash in a safe. We typically like the funds to be in a bank account for 30 to 60 days for seasoning prior to loan closing. That is unless you're receiving a gift from a family member for the down payment and closing costs. If you are receiving a gift, we will need to show a paper trail of where the funds came from.