What is factored to a pprove or deny a loan for buying a new home?

Seeking an FHA Mortgage, Loan in Ruskin, or VA Loan, Hillsborough District? Maybe you are qualified. A mortgage advisor from BD Mortgage LLC will help you decide which mortgage choice is right for you personally.
Asked Jun 17, 2017
You can get approval for a home loan: There are several ways to approve loan for buying a new home. We discuss these process below:
1. Verify your income : You have to make sure that you can prove you have had a stable income over the past 2 years.
2. Check your credit : Credit is a huge factor when applying for a LBC Mortgage home loan and it will determine your interest rate.
3. Look at your monthly debt payments : You have to calculate your debt-to-income ratio to get an idea of what you can afford.
There is one more thing which is beneficial for getting approval for a home loan. If your DTI is more than 36%, you need to take measures to lower it. First, if your credit card has a high balance, you need to work on paying it down. This will not only increase your credit score, but it lowers your minimum payments. Higher credit scores mean that you can easily get lower rates, and this makes you look less of a risk to any potential lender. So, you increase your chances of getting approved.
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Answered Jun 10, 2019

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