In order to get a mortgage, you need to qualify first. Most lenders require
you to have what is called a debt-to-income ratio of 28/36, meaning that no
more than 28% of your income can go toward your mortgage payment and no more
than 36% of your income can go toward your total monthly debts (including all
other loans, credit cards, and your mortgage payment.) If you don’t have at
least 64% of your gross monthly income to spend on food, taxes, and other
expenses, then you might want to consider saving up some more money so that you
can make a larger down payment (thus reducing your mortgage payments.)
Once you’ve cleared the 28/36 hurdle, you’ll need the following to take with
you for your mortgage application:
The amount of your down
payment (making sure you have enough left over to cover closing costs)
Sales contract signed by both
the buyers and sellers of the property
Social security numbers of
all applicants
Complete addresses for all
applicants for the past 2 years (including names and addresses of
landlords)
Listing of all employers and
all income earned for the past 2 years
W-2 forms from the past 2
years
Current pay stub showing
year-to-date earnings
Banks and account numbers for
all bank accounts, including loans, credit cards, checking and savings
accounts, and any stocks, bonds, or certificates of deposit
3 months worth of your most
recent bank statements