Income


Income requirements

As an applicant, have you demonstrated the ability to pay your debts? Most lenders have established a set of loan underwriting standards that potential borrowers need to meet. The standards will vary from lender to lender, but most are standardized by the secondary mortgage market. If a lender wants to sell the loan just made, the property, borrower's credit history and income need to fit these standards.

Income: Is it sufficient and stable to cover long-term debt? Where is it coming from and will it continue?

Current debt: How much debt do you already have? Are your payments current, and can you afford the new loan payment?

Employment: Is your current job stable? How long have you been at this job?

Credit History: Does your credit report reflect prompt payment on past and current debt?

 Back To Loan Process