Lending, Real Estate

Do I Qualify For a Mortgage Loan?

Do I Qualify for a Mortgage Loan

What is your credit score?

This is one of the easiest ways for banks to determine if a borrower is eligible for a mortgage loan of any kind. Generally a score over 640, and having your finances in general good shape, is considered good credit and a good lending-risk.

How long have you been employed?

A solid employment history at one or more jobs can definitely benefit the lending institutions likelihood of giving you a mortgage loan. However, this can be offset by a good credit score, savings, and if you other finances are solid.

How much of your income will go to the mortgage?

The golden rule is that you will require less than half of your total income to go toward your mortgage payment.

How much money do you have saved?

Ideally a borrower will have 20% of their mortgage loan as a down payment. While this may not be the case for all borrowers, in order to approach a lending institution it’s good to have at least 3.5% and a small buffer to boot. Less than this and you may see a cold shoulder from lenders. (There are a couple of exceptions in this case for loans related to VA, FHFA, and HUD)

What will your debt-to-income ration be with a mortgage?

The magic number here is 36%. Divide your monthly debt by your monthly income and voila, there’s your ration. Take into consideration things such as credit cards, car/motorcycle loans, child support, student loans, and any other recurring debt you may have.

Find out if you qualify for a mortgage loan by using this flowchart

“Do I Qualify for a Mortgage Loan?” – RealEstate.com Flowchart


Buying or selling a home can be a daunting task. Whether you are looking to buy or sell a home in Northwest Las Vegas or the greater Las Vegas valley, DaLea is ready to go to work for you  and your family!

Start by contacting DaLea so she can answer any questions you may have. Additionally, feel free to use the several free tools that are available on this website to help narrow your new home search from the new home search pages to zip code maps. You can also take DaLea with you with a mobile app for your Apple or Android device.

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