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 Qualifying for a Las Vegas mortgage has certainly become more challenging in recent months. Banks are paying closer attention to income, employment, assets, and credit. With all of the fantastic real estate opportunities that are available in Clark County, it is important to have a mortgage strategy in place before any offers are made on properties.
Here are a few things to be aware of before talking with a bank about a mortgage:
1. Credit: Banks look at more than just a score when evaluating a buyer’s credit position. History, revolving balances, number of accounts, and recent inquiries are a few of the factors that influence the total credit scenario of a mortgage borrower. Be prepared with these details by ordering your own credit report on www.myfico.com or www.freecreditreport.com. For more information about your credit score or Las Vegas credit consulting services, click here.
2. Employment / Income: Verification and full disclosure are two buzz terms you may become very familiar with as you go through the process of applying for a Las Vegas home loan. Mortgage providers want to make sure that your income and continued employment will support the purchase of a new property. As a good rule of thumb, a borrower’s total monthly credit and housing expenses should be below 50% of their total monthly gross earnings. There are still programs that allow for limited document or bank statement qualifying, however, the borrower will still have to prove their ability to pay the mortgage payments over a set period of time. Down payment, assets, and credit position are three factors that banks consider when requesting for income or employment documentation.
3. Loan to Value: The LTV of a purchase is calculated based on the loan amount compared to the purchase price. The appraised value is used to determine LTV on a refinance. We have a special lease option program available to help our borrowers with down payment and LTV challenges.
Contact us today for a free Mortgage Strategy Session. |
