How Can I Get A Mortgage

If you’re self-employed you might find it harder to get a mortgage. You’ll have to prove your income by showing the lender your business accounts, signed off by a chartered accountant, and your tax returns over a two or three year period.

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With a Chapter 7 bankruptcy, you’ll have to sell your possessions to pay off credit card debt, medical bills, personal loans and other types of unsecured debts. Even though this type of bankruptcy will stay on your credit report for up to 10 years, you may still be able to get a mortgage.

What it takes to get approved for a mortgage 1. Calculate your income and your monthly debt obligations. 2. Give your credit health a checkup. Before applying for a mortgage, 3. Determine your mortgage budget. Before ever speaking with a mortgage officer, 4. Figure out how much you can save.

Sometimes taking out a joint mortgage can increase the amount you can borrow, especially if you both have well-paid jobs. The calculator will provide you with an approximation of how much you’re likely to be able to borrow but please remember this amount will vary from lender to lender and will also depend on things like your monthly credit commitments.

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The best way to find out what kind of mortgage you can qualify for is to talk to a mortgage broker. guaranteed rate offers loans in all states and even has an online program they call Digital Mortgage where you can go through the entire process online.

To qualify for an FHA mortgage loan, you must wait at least three years after the foreclosure. The three-year clock starts ticking from the time that the foreclosure case has ended, usually from the date that your prior home was sold in the foreclosure proceeding.

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Can I get a mortgage if I’m retired? Absolutely. The Equal Credit Opportunity Act prohibits lenders from denying mortgages to retirees if all standard criteria are met.