There are number of factors that determine whether you qualify for the mortgage or not. These usually include your financial conditions at present. These are some of the factors that you must consider before you buy a home.
SALARY:
Your salary determines how early you can repay the loan. Amount of money and the monthly mortgage payment is also determined by your income.
CREDIT HISTORY:
How often you take loans? How much you have to pay? do you pay your bills and taxes on time? These questions helps you to evaluate yourself before going for the loan.
Other than the above factors, the amount you have for down payment and also the cash reserves you possess. The home you buy should provide security to protect the lender's money you have borrowed. Also, mortgage companies don't want that your monthly mortgage payment should exceed more than the 30-40% of your monthly gross income.
You can also go for government programs such as HUD loans to buy HUD homes at affordable rates.
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