{"id":5945,"date":"2023-06-20T08:04:32","date_gmt":"2023-06-20T08:04:32","guid":{"rendered":"https:\/\/alturasrealty.com\/?p=5945"},"modified":"2023-06-20T08:06:10","modified_gmt":"2023-06-20T08:06:10","slug":"how-to-qualify-for-a-home-loan","status":"publish","type":"post","link":"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/","title":{"rendered":"How to Qualify for a Home Loan? 7 Things You Must Know About Mortgages!"},"content":{"rendered":"\n<p>Are you ready to take the jump into homeownership? If yes. Then the first and most significant step is to understand the qualification process for the <a href=\"https:\/\/alturasrealty.com\/types-of-mortgages\/\">mortgage<\/a>. Homeownership is undoubtedly not a piece of cake, but there is nothing to worry about, as we are here to help you.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-video\"><video controls src=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/How-to-Qualify-for-a-Home-Loan-7-Things-You-Must-Know-About-Mortgages-Video.mp4\"><\/video><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_55 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\" role=\"button\"><label for=\"item-663080a77d259\" ><span class=\"\"><span style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input aria-label=\"Toggle\" aria-label=\"item-663080a77d259\"  type=\"checkbox\" id=\"item-663080a77d259\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/#How_to_Qualify_for_a_Home_Loan\" title=\"How to Qualify for a Home Loan\">How to Qualify for a Home Loan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/#1_Credit_Score\" title=\"1. Credit Score\">1. Credit Score<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/#2_DTI_Ratio\" title=\"2. DTI Ratio\">2. DTI Ratio<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/#3_Employment_Record\" title=\"3. Employment Record\">3. Employment Record<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/#4_Down_Payment\" title=\"4. Down Payment\">4. Down Payment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/#5_Property_Type_and_Condition\" title=\"5. Property Type and Condition\">5. Property Type and Condition<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/#Single-family_Homes\" title=\"Single-family Homes:&nbsp;\">Single-family Homes:&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/#Condominiums\" title=\"Condominiums:\">Condominiums:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/#Town_Houses\" title=\"Town Houses:&nbsp;\">Town Houses:&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/#Manufactured_houses\" title=\"Manufactured houses:\">Manufactured houses:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/#6_Proof_of_Citizenship\" title=\"6. Proof of Citizenship\">6. Proof of Citizenship<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/#US_Citizens\" title=\"US Citizens:\">US Citizens:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/#Permanent_Residents\" title=\"Permanent Residents:&nbsp;&nbsp;\">Permanent Residents:&nbsp;&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/#Non-permanent_Residents\" title=\"Non-permanent Residents:\">Non-permanent Residents:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/#Foreign_Buyers\" title=\"Foreign Buyers:\">Foreign Buyers:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/#7_Documents_and_Paperwork\" title=\"7. Documents and Paperwork\">7. Documents and Paperwork<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/alturasrealty.com\/how-to-qualify-for-a-home-loan\/#Final_Words\" title=\"Final Words\">Final Words<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Qualify_for_a_Home_Loan\"><\/span>How to Qualify for a Home Loan<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>From discussing the required credit score to the citizenship problem, this article provides a comprehensive guide about the requirements and insights for qualifying for a home loan. So, make sure that you stick to this article till the end and give it a thorough read!&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Credit_Score\"><\/span>1. Credit Score<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Credit-Score-1024x576.png\" alt=\"How to Qualify for a Home Loan_ 7 Things You Must Know About Mortgages!\" class=\"wp-image-5955\" title=\"\" srcset=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Credit-Score-1024x576.png 1024w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Credit-Score-300x169.png 300w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Credit-Score-768x432.png 768w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Credit-Score.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The <a href=\"https:\/\/alturasrealty.com\/how-to-buy-a-house-with-bad-credit\/\">credit score<\/a> is a comprehensive numeric representation of a person\u2019s creditworthiness. Calculating credit scores includes the individual\u2019s credit utilization, payment history, types and number of credit accounts, credit inquiries, and debts on the credit cards.\u00a0<\/p>\n\n\n\n<p>Mortgage lenders use credit scores to evaluate a person\u2019s previous credit history and financial status. And to qualify for a mortgage plan, having a good credit score is mandatory.&nbsp;<\/p>\n\n\n\n<p>There is no limit in terms of minimum credit score for qualifying for a loan, as every mortgage plan has different requirements. However, 600 is considered a borderline score that can open loan opportunities for you if you have a strong profile on solid aspects of another requirement of a mortgage plan.&nbsp;<\/p>\n\n\n\n<p>Let\u2019s have a quick look at the chart below for credit scores (CS) for qualifying mortgage plans:<\/p>\n\n\n\n<ul>\n<li>Excellent CS: 800 to 850<\/li>\n\n\n\n<li>Very Good CS: 740 to 799<\/li>\n\n\n\n<li>Good CS: 670 to 739<\/li>\n\n\n\n<li>Acceptable CS: 580 to 669<\/li>\n\n\n\n<li>Poor CS: 300 to 579<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_DTI_Ratio\"><\/span>2. DTI Ratio<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/DTI-Ratio-1024x576.png\" alt=\"How to Qualify for a Home Loan_ 7 Things You Must Know About Mortgages!\" class=\"wp-image-5950\" title=\"\" srcset=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/DTI-Ratio-1024x576.png 1024w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/DTI-Ratio-300x169.png 300w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/DTI-Ratio-768x432.png 768w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/DTI-Ratio.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>DTI &#8211; Debt-to-Income is another financial calculation that evaluates the individual\u2019s economic history and stability. It compares the person\u2019s gross monthly income and debt payments.&nbsp;<\/p>\n\n\n\n<p>Inspecting the potential borrower\u2019s debt-to-income ratio is important as it allows the lenders to see if the person is stable enough to manage and repay the loan. It also impacts how much money a borrower can get as a mortgage loan.&nbsp;<\/p>\n\n\n\n<p>A low DTI ratio is a positive sign, as the less debt you have, the more chances you will get approved for a mortgage loan. A 43% of DTI ratio is considered an average limit for a moderately-earning person, but the range fluctuates between 41% to 50%, depending on particular conditions and eligibility criteria.&nbsp;<\/p>\n\n\n\n<p>The DTI ratios are required for the most popular mortgage plan in the US.&nbsp;<\/p>\n\n\n\n<ul>\n<li>For Conventional loans: 45%<\/li>\n\n\n\n<li>For Federal Housing Association loans: 43%<\/li>\n\n\n\n<li>For United States Department of Agriculture loans: 41%<\/li>\n\n\n\n<li>For Veterans Affairs loan: 41%<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Employment_Record\"><\/span>3. Employment Record<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Employment-Record-1024x576.png\" alt=\"How to Qualify for a Home Loan_ 7 Things You Must Know About Mortgages!\" class=\"wp-image-5951\" title=\"\" srcset=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Employment-Record-1024x576.png 1024w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Employment-Record-300x169.png 300w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Employment-Record-768x432.png 768w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Employment-Record.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>An employment record of an individual is a complete detail of the person\u2019s current and past employers, job positions, working durations, and salary history. It is another step to evaluate the potential borrower\u2019s economic capabilities and potential to pay back the loan money.&nbsp;<\/p>\n\n\n\n<p>It is important to verify the borrower\u2019s income status (you may need to provide your salary slips and employment documents), economic stability, job security, and financial ability to pay back the mortgage money and avoid possible risks of scams from the borrower.&nbsp;<\/p>\n\n\n\n<p>For qualifying for mortgage programs, at least two years of employment history is required. However, the requirement can increase or decrease according to the various aspects like type of mortgage, type of property, location, loan provider, and lender\u2019s conditions.&nbsp;<\/p>\n\n\n\n<p>Moreover, owning private businesses and investments also includes in employment history. However, you must provide multiple documents and bank account histories to prove your economic stability.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Down_Payment\"><\/span>4. Down Payment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Down-Payment-1024x576.png\" alt=\"How to Qualify for a Home Loan_ 7 Things You Must Know About Mortgages!\" class=\"wp-image-5949\" title=\"\" srcset=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Down-Payment-1024x576.png 1024w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Down-Payment-300x169.png 300w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Down-Payment-768x432.png 768w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Down-Payment.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The down payment is the upfront payment made by the buyer when buying a property, based on a certain percentage of the total buying cost. It is the only cost of buying a home the buyer pays through their funds, while the mortgage program fulfills the rest of the transaction expenses.&nbsp;<\/p>\n\n\n\n<p>For qualifying for a mortgage, the lenders require particular down payment details to ensure the lender is financially stable enough to make the upfront payment and committed to repaying the loan.&nbsp;<\/p>\n\n\n\n<p>The overall ratio of the<a href=\"https:\/\/alturasrealty.com\/down-payment-assistance\/\"> down payment<\/a> for real estate properties falls between 3% to 20%, depending on the type of mortgage, type of property, and lender\u2019s conditions.\u00a0<\/p>\n\n\n\n<p>Moreover, if your down payment is less than 20%, you have to pay for the Private Mortgage Insurance (PMI) plan that protects lenders from potential scams from borrowers. And, of course, the more down payment you make for the property, the fewer interest rates you have to pay.&nbsp;<\/p>\n\n\n\n<p>Saving for the downpayment is undoubtedly one of the biggest and most complicated financial aspects of buying a home. However, we have discussed some effective ways to save for the down payment. Let\u2019s have a quick look at them!&nbsp;<\/p>\n\n\n\n<ul>\n<li>Look for additional income sources like giving tuition, freelance jobs, and driving in Uber.&nbsp;<\/li>\n\n\n\n<li>Manage and negotiate everyday expenses like grocery, utility, monthly subscriptions, and luxuries. Instead, choose a simple lifestyle.&nbsp;<\/li>\n\n\n\n<li>Make a separate savings account so your impulse buying, emergency expenses, and other activities don\u2019t affect your savings.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Property_Type_and_Condition\"><\/span>5. Property Type and Condition<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Property-Type-and-Condition-1024x576.png\" alt=\"How to Qualify for a Home Loan_ 7 Things You Must Know About Mortgages!\" class=\"wp-image-5954\" title=\"\" srcset=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Property-Type-and-Condition-1024x576.png 1024w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Property-Type-and-Condition-300x169.png 300w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Property-Type-and-Condition-768x432.png 768w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Property-Type-and-Condition.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The type and category of properties significantly impact various mortgage factors like eligibility criteria, required down payment, interest rate, repaying period, loan limit, and other borrowing terms and conditions.&nbsp;<\/p>\n\n\n\n<p>Moreover, the location, condition, and value of the property also affect loan terms by the lenders. Here, we have discussed some common property types and associated lending conditions.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Single-family_Homes\"><\/span>Single-family Homes:&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Single-family homes are lenders&#8217; favorite as they are always hot in the market and easy to sell if the borrower disqualifies to repay the loan.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Condominiums\"><\/span>Condominiums:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Getting a mortgage for condominium units is complicated because of the joined units like parking, gyms, parks, and other factors. Also, a lender may strictly consider the condition and location of the team before agreeing on a loan.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Town_Houses\"><\/span>Town Houses:&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Getting a mortgage for townhouses is easier and quicker than single-family houses, as they are always in demand in the real estate market, and reselling is also simple.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Manufactured_houses\"><\/span>Manufactured houses:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Manufacture homes&#8217; eligibility criteria and requirements differ from single homes and condominiums. As they can be leased or owned as a part of a community, lenders have many additional requirements and formalities while providing mortgages for them.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Proof_of_Citizenship\"><\/span>6. Proof of Citizenship<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Proof-of-Citizenship-1024x576.png\" alt=\"How to Qualify for a Home Loan_ 7 Things You Must Know About Mortgages!\" class=\"wp-image-5953\" title=\"\" srcset=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Proof-of-Citizenship-1024x576.png 1024w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Proof-of-Citizenship-300x169.png 300w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Proof-of-Citizenship-768x432.png 768w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Proof-of-Citizenship.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The citizenship requirements for every location vary when qualifying for mortgages, along with different rules and regulations. However, are some of the general considerations:&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"US_Citizens\"><\/span>US Citizens:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Citizens are typically eligible for every kind of mortgage plan without facing additional formalities or requirements regarding their citizenship status and getting loan money.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Permanent_Residents\"><\/span>Permanent Residents:&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Permanent residents refer to the US&#8217;s green card holders or legal residents eligible for most mortgage schemes. However, the lender may require them to show their proof of residence documents and immigration paperwork.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Non-permanent_Residents\"><\/span>Non-permanent Residents:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Non-permanent residents refer to people with student visas, work visas, and individuals with temporary residence permits. They are also eligible for some mortgage plans; however, the requirements and conditions vary significantly.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Foreign_Buyers\"><\/span>Foreign Buyers:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Foreign buyers are eligible for remortgage plans in selected locations only. Moreover, they have strict mortgage conditions like high-interest rates, high down payment, short repaying time, and additional strict rules.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_Documents_and_Paperwork\"><\/span>7. Documents and Paperwork<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Documents-and-Paperwork-1024x576.png\" alt=\"How to Qualify for a Home Loan_ 7 Things You Must Know About Mortgages!\" class=\"wp-image-5948\" title=\"\" srcset=\"https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Documents-and-Paperwork-1024x576.png 1024w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Documents-and-Paperwork-300x169.png 300w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Documents-and-Paperwork-768x432.png 768w, https:\/\/alturasrealty.com\/wp-content\/uploads\/2023\/06\/Documents-and-Paperwork.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Some of the important documents that are needed to qualify for a mortgage program are a valid government-issued identification card, employment verification document from the employer, tax statements, bank card statements, assets ownership documents, proof of down payment, and property documents like sales agreement, sales contract, appraisal report, and title information.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Moreover, these are public documents. Every lender also requires a variety of other paperwork, depending upon the type of mortgage, loan amount, repaying time, and financial state.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Final_Words\"><\/span>Final Words<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Qualifying for a home loan is a significant accomplishment in your journey to owning a home. And it needs a thorough understanding of the requirements and careful economic planning. Therefore, strengthen your financial position, save money for a down payment, increase your creditworthiness, and take professional help to get your mortgage approved and make your dream home a reality.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you ready to take the jump into homeownership? If yes. Then the first and most significant step is to understand the qualification process for the mortgage. Homeownership is undoubtedly not a piece of cake, but there is nothing to worry about, as we are here to help you.\u00a0 How to Qualify for a Home [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5952,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"_links":{"self":[{"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/posts\/5945"}],"collection":[{"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/comments?post=5945"}],"version-history":[{"count":4,"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/posts\/5945\/revisions"}],"predecessor-version":[{"id":5959,"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/posts\/5945\/revisions\/5959"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/media\/5952"}],"wp:attachment":[{"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/media?parent=5945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/categories?post=5945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alturasrealty.com\/wp-json\/wp\/v2\/tags?post=5945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}