LoanVision Mortgage LLC

Everyone’s situation is different and will depend upon the mortgage program you choose. The basic idea is that in order to qualify for a loan, you need to submit documentation proving your ability to repay the mortgage. For an FHA loan, your credit score needs to meet the current FICO credit score requirements in order to qualify (in addition to other requirements). Loans requirements vary depending on the loan. That depends on your personal situation, but many people find it useful to follow the 28/36% rule. In this scenario you mortgage payments should not exceed 28% of your gross monthly income. In addition, your mortgage and all other debts shouldn’t be more than 36% of your income. These are simply guidelines, and you have to choose numbers that work for you and your family. A prequalification usually just means that your credit score was pulled. A preapproval is a more comprehensive verficiation that you are capable of paying back a long. With a preapproval your lender collected all income and asset documentation to help them understand what you can and cannot afford. If you’re serious about buying a house, you need to get your preapproval ASAP.

Jeff Morris
5 Star
LoanVision and the team there is amazing! They do an excellent job and can help you with all of your mortgage needs!
Wednesday 1st May 2024