What do you need to qualify for a loan?

To qualify for buying a house, there are several factors that lenders typically look at, including:

Credit score: Lenders will look at your credit score to determine your creditworthiness. A good credit score can help you qualify for a lower interest rate and better loan terms.

Income: Lenders will want to make sure that you have a steady source of income and that you can afford to make your monthly mortgage payments. You will likely need to provide proof of income, such as pay stubs or tax returns.

Employment history: Lenders will want to see that you have a stable employment history, as this can indicate that you have a reliable source of income.

Debt-to-income ratio: Lenders will also look at your debt-to-income ratio, which compares your monthly debt payments to your monthly income. Ideally, your debt-to-income ratio should be below 43%.

Down payment: Lenders may require a down payment, which is typically a percentage of the home's purchase price. While a 20% down payment is often recommended, there are options available for smaller down payments.

Closing costs: You will also need to cover closing costs, which can include fees for appraisal, title search, and other services. These costs typically range from 2% to 5% of the home's purchase price.

Overall, the requirements for buying a house can vary depending on the lender and the type of loan you are applying for. It's important to speak with a lender to understand your options and what you need to do to qualify for a mortgage.