* Having a steady employment history, at least two years with the same employer.
* Consistent or increasing income over the past two years.
* Credit report should be in good standing with less than two thirty day late payments in the past two years.
* Any bankruptcy on record must be at least two years old with good credit for the two consecutive years.
* Any foreclosure must be at least three years old with good credit for the past three years.
* Mortgage payment qualified for must be approximately 30 percent of your total monthly gross income.
Other lenders' ideas regarding pre-qualification are all similar to those outlined above. A mortgage lender will look at your credit report, earnings, debts, and savings in order to see how much home you really can afford.
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