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Qualifying for Loans?
What are lenders looking for?
 
* Lenders look for stability in a borrower. Your past 2 years of credit history will have the greatest impact.
* Regular lenders will look for no late payments over 30 days on rent or mortgages, and no late payments in past 6 months on credit cards. Credit problems over 3years old may be OK if your recent history is solid.
* Never prejudge your credit as too bad to get approved for a mortgage because most expert lenders can usually help you resolve difficult issues.
* Lenders will generally look for a 2 year work history in your current job field. There are always exceptions, including having an education in the area you are working in, service on active duty military or changing job fields for an increase in pay.
* To show more income to qualify, you can count part time, overtime, bonus income, commissions and self employment as long as it has a 2 year history.
* If you are self employed, ask your lender about "No Documentation" loans. These loans may help you get approved because they do not require bank statements or paystubs.
* Find the right lender! If you're having a hard time getting approved it may be that you have not found the right lender. many lenders specialize in helping difficult loans get easily approved. If one lender says "No", another may say "Yes."
* Co-Borrowers can sometimes help get you approved.
* The loan program you select may help or hinder your approval. If you're having a difficult time getting approved, ask for your lender's advice. He or she may have a specialty loan program that may ofer greater flexibility.

 

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Loan Info
 
Need to Know
 
Investments
About Loans Avoiding Foreclosure Diversify your Portfolio
Closing Costs Credit Counseling Services Get Back on Track
Equity Builder Debt Consolidation Invest to Win
Escrow Reasons to Refi Investment Properties
Locking Your Rate Refinancing Tips Mutual Fund Crash?
Mortgage - 10 Do's & Dont's SFR Rental Properties Mutual Fund Terms
Qualifying for Loans Should I Refinance? Top 401k Mistakes
What Length Mortgage? Improve Your Credit I Want to Retire Early
Stress-Free Refi Improve Your Finances The Taxman Cometh
8 must-ask Questions Basics of Investing The Real Estate Market
Discount Notes Note FAQ Should I Sell My Note?
Note Quote Request Note Sale Checklist Sell Your Note
Note Glossary LO? Become a Partner! Stop Foreclosure!
Foreclosure Law Foreclosure Terms Remodeling Loan
Construction Loans Foreclosure FAQ's Bridge Loan
Land Loan / Lot Loan Construction Loans FAQ Land Loans FAQ

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