The first step is to get pre-approved
We suggest going to 2-3 different banks. One big bank, one small community bank, ans one credit union to apply. Here’s is what they want to see:
- A credit score at least around 640
- Check your Credit for free here: Annual Credit Report
- The funds to make your down payment (3-20% down depending on your loan type)
- 2 years of work experience in the same place or field (example: working 1 year each at 2 different retail stores counts as 2 years)
- A good debt to income ratio. Things like massive credit card debt will hurt you.
- 2 years of W-2’s
And play around with this Mortgage Calculator to see you monthly payments
If you don’t have these qualifications you can still contact your bank to ask what you can do to speed the process up.