The 30-year fixed rate mortgage is one of the most popular mortgage loans available in the San Antonio lending scene. This is because the mortgage loan allows you to service it within 30 years after you have qualified which is such a long time. In addition, the mortgage attracts a fixed interest rate which means that the initial rates that you will are what you will continue paying until your service it. The mortgage loan has very many pros like demanding low monthly installments and offering financial stability and saving. Nonetheless, in order to qualify for this mortgage, you must first surpass its guidelines. Below are some of the requirements that you will need to meet in order to qualify for the 30-year fixed rate mortgage.
Credit Score
Credit score is very important when determining whether you qualify for the mortgage or not. It is what lenders concentrate on when determining whether you are a default risk or not. This being the case therefore, you need to ensure that your credit score is high, before applying for a mortgage or home loan. Having a high credit score depicts someone who knows how to manage their finances and pay their bill on time. That is the reason lenders so not have bad blood with borrowers with a high credit score. In order to qualify for the 30-year fixed rate mortgage, you must have a minimum credit score of at least 600.
Debt to Income Ratio
Another very important factor that determines your creditworthiness is your debt to
income ratio. This is the amount of debts that you owe when compared to your income.
For you to be eligible for any mortgage, you must have manageable debt levels as no lender
will bombard you with additional mortgage. The good thing with 30-year mortgage is that
there is no cutoff debt to income ratio point, and therefore it will depend on the lender that
you approach. Nonetheless, the maximum debt to income ratio that you can qualify for the
mortgage with is 43%.
income ratio. This is the amount of debts that you owe when compared to your income.
For you to be eligible for any mortgage, you must have manageable debt levels as no lender
will bombard you with additional mortgage. The good thing with 30-year mortgage is that
there is no cutoff debt to income ratio point, and therefore it will depend on the lender that
you approach. Nonetheless, the maximum debt to income ratio that you can qualify for the
mortgage with is 43%.
Down Payment
In order to qualify for majority of mortgages in San Antonio, you must first pay the down
payment to your lender. This is in order to prove to the lender that you are serious in
applying for the mortgage. The minimum down payment that you are required to pay
for the 30-year fixed rate mortgage is 3%. In addition to down payment, you are required
to have a good source of income to qualify for the mortgage. This is because it is the
source where you will be getting the money to service the mortgage. That is why your
lender will ask you to provide them with your pay stubs, W-2 statement, and tax returns.
payment to your lender. This is in order to prove to the lender that you are serious in
applying for the mortgage. The minimum down payment that you are required to pay
for the 30-year fixed rate mortgage is 3%. In addition to down payment, you are required
to have a good source of income to qualify for the mortgage. This is because it is the
source where you will be getting the money to service the mortgage. That is why your
lender will ask you to provide them with your pay stubs, W-2 statement, and tax returns.
