Credit Score: 

You typically need a credit score of at least 620 or higher to qualify for a mortgage.  The lowest interest rates are available to borrowers with higher credit scores.

Criteria Used To Determine if You Qualify for a Home Loan

"Ken Terry is a highly intelligent, perceptive, and mature businessman who is thoughtful, caring and professional.  Relocating from New Jersey, he was committed to assisting me with the purchase of my new home. Because of his positive disposition, his reflective way of contributing, and all of the character traits that makes him trustworthy he provided me with a safe and secure feeling throughout the home buying process. He understood my needs and concerns and as a result I am in the perfect home in a wonderful community."

Deborah J. - Newnan, GA


You need to prove you have the savings to pay for a down payment (3.5% of home price for an FHA loan) and closing costs (typically 3 -5% of home price).  Cash reserves may also be required.

debt-to-income ratio: 

Your minimum monthly payments on all outstanding debt is compared to your monthly gross income. The maximum allowable ratio varies by lender but most will not go above 41- 45% for an overall debt-to-income ratio.


You must prove that you have steady income and can afford to repay your mortgage. 

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