Education for Buyers

Getting Approved for a Home Loan

Interview and Application

Meet with a Loan Officer, complete a loan application, and submit relevant documents.

Income / Employment Check

The lender will verify your income to see if it's sufficient to cover monthly payments. Industry guidelines are also used to evaluate your debts.

Credit Check

The lender will review your credit reports to determine the type and terms of previous loans. Any lapses or delays in payment are considered and must be explained.

Asset Evaluation

The lender will verity your available funds and consider if you have the funds necessary to make the down payment and pay any closing costs.

Property Appraisal

The lender has the property appraised to evaluate its physical condition, location, and zoning. They determine if there is sufficient value in the property.

Other Documentation

The lender may require additional information or documentation before making a final decision on the approval of your loan.

Next: Basic Types of Loans