Do you qualify for a traditional bank loan? In order to get the best rates, you’ll need to meet the qualifications set by government sponsored enterprises Fannie Mae / Freddie Mac. You’ll also need to meet your bank’s individual requirements.

Here are the basics:

Good credit – It doesn’t have to be flawless, but it should be in the mid-600 range.

Employment history – Banks prefer at least two years of steady employment provable through W-2 forms. They’ll also call your employer to make sure you’re still showing up to the office.

Income – As a general rule, your monthly income should be no less than twice the cost of your mortgage bill.

Down Payment – Most lenders are requiring 20% these days, but some loans can be found for as little as 3%.

Keep in mind that, although the general ideas stay the same, the specific requirements tend to change throughout the year.

Meet the Requirements?

If you meet the above requirements, you’re a good candidate for a traditional bank loan. You will probably qualify for competitive interest rates and terms. When you’re ready to secure financing, be sure to call around and compare quotes from several lenders.

Don’t Meet the Requirements?

Just because you don’t meet all the requirements, doesn’t mean you can’t qualify for a different type of loan. That’s what this site is all about! You may be able to get a higher interest, creative bank loan. Or, you may be able to secure seller financing. Explore the site to learn about the possibilities.

Even though there are alternatives available, it’s always a good idea to try to meet as many qualifications as possible. Even a special bank program or private party lender doesn’t hand out loans to people with bad credit AND no employment history AND no down payment, etc. Start now to get your financial life in order.