This is a YouTube video titled "🚨 3 Main Parts to Qualifying for your Home Loan 🚨" containing a single-speaker explanation from September 26, 2021, about the key factors in qualifying for a home loan, including credit score, down payment, and debt-to-income ratio.
For your new home loan. There's three main aspects to keep in mind. Credit Score down payment Debt to income ratio A credit score of at least 620 or better opens up most financing options. I do have a program that reaches a little further down to 580. Down payment as long as you have about 3% of the purchase price should be open for most financing options. There are some very specific programs that do zero down. We can always take a look at debt to income ratio. That's like your monthly budget. Generally you can spend 50% of your pre tax monthly income and that 50% is including the new mortgage and any other debts that you have in.
