Memphis Real estate and Memphis Homes

Memphis Real Estate Agents

Office

Ask for Connie or Don

,  or

CALL
DIRECT

Memphis Real Estate
Connie Chambers and Don DeBaer Memphis Realtors
Connie and Don's promise of unsurpassed service
Memphis Homes
Buying or Selling Memphis TN real estate
Memphis Homes Search Tool
Complete Memphis Real Estate MLS Listings
Memphis Maps and Population Demographics
Memphis Homes Mortgage Calculator
Memphis area school information
Memphis Area Utilities
Memphis Real Estate Value Reports
Memphis Property Tax Information
Memphis History
Memphis Information
Realtors Memphis
 

"See what our
clients are saying..."

 

 

Crye-Leike Realtors

(901) 260-4780

 

e-Pro

Acredited Buyers Representitive

Certified Realtor Specialist and Graduate Realtor Institute

 

©2007 BluffCityRealEstate.com
All rights reserved.
 

TREC Licensee #
C Chambers   211559
D DeBaer       274551

Please read our disclaimer and privacy policy




 

 

 

How to Qualify for a Mortgage

 The main determining factor as to whether or not you qualify for a mortgage is your credit score.

Everyone actually has three credit scores. One score with each of the three main credit bureaus … Equifax, Experian, and Trans Union.

Your scores with these bureaus can range from as low as 300 to as high as 850.

Credit Bureaus will check on the following items:

  • Your credit history (the past 2 years)
  • Your current income source
  • Your checking account activity
  • Your FICO score 

 

Typical scores for the average person run in the mid to high 600’s. With scores in this range, it’s fairly simple to qualify for a mortgage. But scores are not a lenders only concern. Other important factors include:

1. Stability of employment: Most lenders will verify that you’ve been on the same job, or at least in the same field of work, for a minimum of 2 years.

2. Stability of income: Most lenders want to verify that you’ve had a stable income for a minimum period of 2 years.

3. Assets: Most lenders ask that you have liquid assets in an account such as a 401k or a checking or savings account, to cover at least 2 monthly payment amounts for the mortgage you’re applying for.

4. History of “On Time” payments: Most lenders will verify that you’ve made rent or mortgage payments “On Time” each month for the last 2 years.

Not all lenders require you to meet these standards. A number of lenders, with less stringent requirements, will simply charge a higher interest rate to compensate for lesser standards.

Truth be told, it’s actually easier now to qualify for a loan than ever before. Even with a past bankruptcy, you may still qualify for a loan if you can meet some basic guidelines.

Today there are literally 100’s if not 1,000’s of loan programs available from a myriad of different lenders across the country. It still comes down to one main issue of course … your credit scores.

The higher your scores, the more options you'll have available to you.

If your scores are low however, but you have compensating factors such as 1 and 2 above, it’s likely that you can still qualify for a loan. You might even be able qualify for a loan of as much as 100% of the purchase price.

 

 

 

 

      Valuecom Real Estate Gold                  REALS - A Comprehensive Real Estate Directory        


                           
Family aware, ethics aware. Safe shopping.  Are YOU listed?      Abrexa UK - The Great British Search Engine                 This site and www.realestateabc.com are partners in providing information and resources to real estate consumers.

 

                                  European Real Estate Directory       Home Inspections USA - Find Home Inspectors and related Real Estate Services 

 

                        LookDirectory.com - Comprehensive Human-Edited Directory     directoryrealestate.com      Real Estate Excellence          RealEstateBig.com - The Real Estate Directory 

 
 
  

 

               

Yellow Pages, White Pages and More


                                                                                                                          

 
                                                           Google | Yahoo | Altavista | MSN | AOL | Lycos | Ask Jeeves | Excite | Netscape
 
 
 
Google
 

                   120x60          Vandema blue button      LinkRE.com    
 
 

                         RealEstatePopular.com      HomeResearcher.com  Click here to go to NewHomeSale.com!     


               Local MLS and Multiple Listing Service Information      World Web TravelGuideâ„¢ Logo      

real estate directory