Mortgage Info

How Do I Qualify for a Mortgage?

The Five Main Factors that will determine if you qualify for a mortgage:

	Income
	Debt
	Employment
	Credit History
	Home Value

Lenders will look for the following conditions to be met:

Gross Debt Service(GDS) Ratio to be 35% or less (lower the better)

         (home expense vs. annual gross income ratio)

Total Debt Service (TDS) Ratio to be 42% or less (lower the better)

         (GDS + all other loans, credit cards etc vs annual gross income)

	Steady employment - ideally same job or line of work for 2 yrs
	Home buyer has good credit (bills paid on time, no collections etc)
	House is worth the price the buyer is paying

There are lenders who provide exceptions to the above list, please contact me

for more information.