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The 4 Things you Need to Get Approved for a Mortgage!!!!
An easy to understand explanation of what goes into a lending decision. Sometimes a little more income can make up for a lower credit score and sometimes bigger reserves (cash in the bank!) will help overcome a low appraisal but you're always going to need all four!
I wish it were that easy.  There are 4 basic things that a borrower needs to show a lender in order to get approved for a mortgage.  Each category has so many what ifs and sub plots that each box can read as it's own novel.  In other words, each category has so many variables that can affect what it takes to get approved, but without further adieu here are the four categories in no particular order as each without any of these items, you're pretty much dead in the water:
Income You need income.  You need to be able to afford the home.  Without it, forget it!  But what is acceptable income?  Basically, it all depends on the type of loan that a borrower applies for.  Jumbo, V.A., USDA, FHA, Conventional, Super Jumbo?  Let's just say that there are two ratios:
First Ratio - The first ratio, top ratio or housing ratio.  Basically that ... more

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