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Article written by Rosemary DeLaurentis
Day 7 of 7 – of my home buyers series. For you folks that love NUMBERS, buying a property is the PERFECT OPPORTUNITY! Lots of things depend on numbers. 
One of my wonderful lenders, Chad Stallings with Fairway Mortgage, put together a list of essential NUMBERS lenders look for in a qualified buyer. This information is so important when you work to qualify for a home. I figured this could help you prepare and give you some direction. See his list below:
45% DTI (DEBT TO INCOME RATIO) which is the proposed house payment + any monthly reoccurring debts (credit cards, car loans and personal loans) min monthly payment / total gross income.
620+ FICO SCORE (CREDIT SCORE) we are typically looking for this or better, we can go lower than this in some case but higher is always better. We will take the middle score from the three credit bureaus for qualifying
2 YEARS/MONTHS, typically we like to see 2 years of WORK HISTORY and LIVING HISTORY (rent or mortgage), we collect 2 years of W-2’s and federal Tax Returns and we will collect 2 months of asset statements (bank statements and investment statements). Sometimes we need less but generally this is the case.
30 DAYS, this is the amount of PAYSTUBS that we will ask for, the most recent 30 days worth of paystubs.
OK, the ‘mystery’ has been revealed! These are the NUMBERS they work with. So now all you have to do is get started… Your own home is just around the corner. Can you see it?
Chad and I would love to help you! If you are reading these articles and live out of state, we can help you with an agent and a lender with our same years of experience and qualifications in other states. Don’t be shy, you can ask for some contacts and we would love to provide them.
This concludes my week of my buyer home series. If you thought it was helpful, please leave a comment and let me know. If you would like Chad’s info, I can provide that as well.
Happy Sunday!
