Frequently Asked Questions

The most common income source that can be used to qualify for a mortgage is general income (employment). However, there are programs available for investors, business owners, and part-time and self-employed individuals. Our lender partners have flexible programs tailored for all types of income sources. 

Income Ratio: Your total monthly housing expense divided by your pre-tax monthly income.

Debt Ratio: Your total monthly housing expense plus recurring debts like car payments, monthly minimum credit card payments, and other loan payments, divided by your monthly income.

Standard loan underwriting guidelines suggest a maximum of 28 percent income ratio and 36 percent debt ratio. This may vary based on your personal finances, loan program, and down payment.

There are three main factors that come into play when being approved for a mortgage: 

Credit Score: Each loan program has a minimum credit score requirement in order to qualify. Higher credit scores can allow you to qualify for lower interest rates, too.

Down Payment: Some loan programs require you to make a down payment of a certain amount.

Debt-to-Income Ratio (DTI): Your debts should only make up a certain percentage of your income because you're about to incur a large and important debt by purchasing a home.

Initial documents required are 2 years of income tax returns, your two most recent pay slips from your current employment(s) and two months' bank statement along with a photo of your drivers license or any valid ID.

Additional documents may be required during underwriting, but our mortgage experts and loan processors will be there to guide and assist you until your application is closed.

The rule of thumb for loan application is that your monthly amortization should not be more than 36% of your gross monthly income and your total debt-to-income ratio must not exceed 50%