I’m not sure that I can get qualified for a mortgage

Just because your credit score or financial status may not be where you have heard or read about where it should be, doesn’t mean that you won’t be able to purchase a new home.

When a mortgage company (lender) looks at your personal information for a loan, he is looking at a multitude of factors. Although income and credit are important, there are other factors that will be considered in deciding whether one can receive a loan at this time.

Even if you are not qualified for a loan at the present time, it may be possible for you to recieve a conditional pre-qualification from the lender. This may allow you to purchase a brand new home that may not beĀ  ready until 4- 6 months.

Many lenders will be able to tell you what specific requirements are necessary, in order to get approved for a loan. They will put together a plan for you, that will outline what needs to be done to satisfy the requirements.

There are also some reputable companies that will work with you on improving your credit. They specialize in credit repair and assist you in getting derogatory items removed from your credit file.

A lot of customers that I have met, think that they need to wait for their credit to go up, or pay down some of their debt, before they meet with a lender. I will tell you what I have told them. Unless you are a qualified loan officer, you will not know exactly what needs to be done, in order to get a loan.

Who knows? You may be able to get a loan now, and not even know it. Even if you do need a some time to get approved for a loan, many lenders will give you a pre-approval letter which will allow you to purchase a new home that hasn’t even started construction yet.This will allow you to choose the site and all of the selections in your new home!


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