Overview of Borrower Mortgage Qualification Guidelines
- Borrower Mortgage Qualification Overview
- Review the table below to understand how borrower mortgage qualification guidelines apply to you and impact your ability to get a mortgage
- Related FREEandCLEAR Resources
There are multiple factors that determine a borrower’s ability to qualify for a mortgage and it is important to highlight that a borrower’s ability to qualify for a mortgage may be different than a borrower’s ability to afford a mortgage. For example, borrowers may be able to afford a monthly mortgage payment based on their income and debt but they may not qualify for the mortgage because they do not meet other qualification requirements such as the minimum credit score or employment history requirements.
Borrower mortgage qualification requirements vary by lender, mortgage program and loan size but the table below outlines the key qualification factors that typically apply to all borrowers: 1) debt-to-income ratios, 2) credit score, 3) employment history, 4) down payment, 5) residence history, and 6) lender underwriting guidelines.