The general requirements for any residential mortgage transaction today are much more stringent than they were 4-5 years ago. No longer as Stated Income or No Asset documentation programs available, today Full Documentation of all Income and Assets is required. The list below with give you an idea of what to expect when getting ready to apply.
- Need Two Years of continuous employment or self employment
- If you change from 1099 status to w-2 or vice versa, then the two year timeline may restart. There are some circumstances in which there could be exceptions to this, it would be best to contact us regarding your situation and we can advise you what programs may be available to you.
- Generally the minimum credit score requirement is 640, however, there are programs and licensed investors that may accept credit scores as low as 580 or even no credit scores.
- You will need to document that you have the funds for down payment and closing costs available and either source or seasoned for a minimum of 2 months.
- It typically takes one of our licensed investors 24 – 48 hours to review your application and provide you with a pre-approval, and once a purchase agreement is received by them, you can expect 30 – 45 days for closing. We would point out that many times the time can be shortened if you are cooperative and return document request quickly.