The dream of an own home that has most families in America is very tied to the approval of a mortgage loan. Without this option, to buy a house would have to have thousands of dollars available, which is unrealistic for most buyers.
The most sought alternatives are loans guaranteed by the “Federal Housing Administration” (FHA, in English), conventional loans, VA and USDA, the United States Department of Agriculture for rural housing.
Although each case is individual and you have to evaluate each loan application independently, there are some basic criteria that must be met for approval of a loan.
A-credit rating. This is critical because through it will determine what has been your payment pattern in relation to their debts, and the amount of money you owe and to whom. This will help make a projection on how to pay your biggest debts in the future, as is the mortgage.
The best way to work with this is to face and accept (there is no way to hide it), and present evidence to justify such delays in your payments. If such evidence is overwhelming and the time of filing the application samples that are fulfilling your commitments on time for a reasonable time, most mortgage banks could approve you, even if you do not have perfect credit.
B-employment history. You must be employed or prove that you have a stable to qualify for the loan fixed income. Always If you are self-employed you could be approved as you have stable income and documents that support it, such as financial statements, bank accounts and income tax returns. Your job is taken into account wages, working time you have and the type of work, whether full-time and permanent employees, not temporary.
Usually you have to have two years as a permanent employee you to be considered positively, although this may be extenuating especially if recent graduates and people who have changed jobs for a better offer demonstrable.
C-Money available for soon. Loans 100% of the value of the purchase are very rare these days, but sometimes offered especially in new homes or under certain mortgage programs. But usually it is important that you have saved money it will have to contribute to the early and closing costs.
Most loan programs do not allow you to make another loan to pay soon, even a relative. However, other gifts or donations are accepted under certain conditions.
The documents you will need to apply for a loan are your official personal identification of the state where you live, your tax returns income (usually those of the last two years), receipts or pay stubs and statements of the bank where you have the money deposited you’ll use to purchase.