An agent can show you a great deal of properties, and you may rely on them to conduct negotiations on your behalf. Purchase Requirements Good credit. Enough income to qualify for the Home Loan. A qualifying Property. Money for closing costs and down payment.
Good credit is the single most important qualifying factor.
It is the measuring stick that all banks use to decide just how worthy you are to be accepted for a mortgage. Credit reporting agencies report any payments you have made of over 30 days late, outstanding balances that you owe, and any judgments, liens, or bankruptcies that have been filed against you. Lenders will require an explanation letter if your credit report shows payments that are more than 30 days late on credit cards. If you have an acceptable explanation, they will most likely grant the loan anyway. However, the worse your Credit Report reads, the more trouble you will have providing acceptable explanations for the bad marks.