Buying and Financing Your New Home by Casey Fleming

Author:Casey Fleming [Casey Fleming]
Language: eng
Format: epub
Publisher: Morgan James Publishing
Published: 2023-08-15T00:00:00+00:00

Absolute Minimum Requirements

Putting all of this together, if you want a conventional mortgage with pricing at or close to the best possible, you’ll want to meet the following requirements.

Enough money for a 3% down payment, plus closing costs and reserves.

Verifiable gross income totaling at least 2.33 times your total monthly obligations.

A credit score of at least 620.

If you do not meet these requirements, you might still qualify for a loan, but you’ll pay a premium in the interest rate and possibly your up-front costs.

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