Qualifying for A Mortgage

Qualifying for a mortgage can be a tough feat. If you don’t have enough income to qualify, consider increasing the down payment amount, which will reduce the amount you’ll need to borrow. This can make a big difference in your qualification status. Some bankers will relax the qualification requirements if you can increase the down payment to between 25% and 30% of the total property value.

Alternative loan sources, such as your 401 balance, which you can borrow up to half of, can help you to qualify for a mortgage. Insufficient income may not squash your home buying prospects. Talk to your broker, and you may find a creative financing solution.