Qualifying For A Bad Credit Mortgage – An Inside Look
Knowledge is, indeed, that which, next to virtue, truly and essentially raises one man above another – Joseph Addison
There is little doubt that purchasing a new home is one the biggest financial decision most people face but finding the right house that you can call home is becoming an increasingly difficult task.
Step one in the home ownership process is getting pre-qualified for a loan. When you get pre-qualified for a loan the lender works backwards to determine the biggest loan that you qualify for according to your income, credit and current outstanding debt.
How do they do it? Here is brief overview
First off, you need to remember that only income that can be documented is considered income when it comes to determining how much you qualify for. If you can’t provide a lender with proper documentation of your income then they won’t used it.
For example, if you get paid by the hour and work little overtime or if you get paid on a salary then determining income is pretty easy. If you are paid monthly your income is multiplied by 12 and if you get paid...
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