Think You Can't Afford to Buy a Home? Think Again | Credit.com
Did you have a bad credit event in recent years? Do you have less than two years in the same career field? Is your monthly income less than three times your proposed payment? Fear not, when your financial picture doesn’t fit neatly into the box, you may still qualify with some lenders. Here’s how.
When you apply for a mortgage, lenders use four pillars to measure your finances and put together a loan suited to your purpose. Your credit, debt, income and assets play integral equal roles in lenders’ eyes. Let’s break down the nuts and bolts of what lenders want to see on loan applications, and how working within these four pillars may help you find a mortgage to suit you, even if your situation isn’t “perfect.”