What Qualifies You To Buy A House Link

To qualify for a home purchase, you generally need to meet four main criteria: a stable income, a healthy credit score, manageable debt, and enough cash for a down payment and closing costs. 💰 Financial Stability

Money for the down payment (3% to 20%) and closing costs (2% to 5%). 📊 Credit Health

No recent bankruptcies, foreclosures, or major late payments. ⚖️ Debt-to-Income (DTI) Ratio what qualifies you to buy a house

This proves to sellers that you are a serious, capable buyer.

Lenders typically look for two years of consistent employment. To qualify for a home purchase, you generally

A lender has reviewed your finances and committed to a loan amount.

A score of 620 is usually the minimum for conventional loans. ⚖️ Debt-to-Income (DTI) Ratio This proves to sellers

This includes your future mortgage, car loans, and student debt. ✅ Pre-Approval Status