How to Qualify
In order to qualify for a home loan, you must be over 18-years-old, with stable and consistent income and good credit. Each lender will have slightly different
requirements, and many will make exceptions if a borrower is strong in other areas. All lenders generally want the following:
Employment History – A minimum of two years of work history in the same field. This demonstrates a stable and
consistent income stream.
Credit History – A minimum of two years of credit history to show that the borrower can manage debt over a
period of time.
Credit Score – A 620 or higher credit score (although some government financing programs allow for credit
scores as low as 580).
Down Payment – In order to get the best rate and terms, lenders prefer 20% of the purchase price as a down
payment. However, there are loans available for as low as 0% down, and sometimes gifts from relatives are allowed for some or all of the down payment. Here at KeyPoint, we offer first-time homebuyer programs with as little as 5% down payment for conforming loan amounts (maximum $424,100) and 15% down payments for high-balance and jumbo loan amounts.
Advantages of Homeownership
Buying a house can build your credit, provide tax savings, and help you build equity for your future. It can free you from the ups and downs of the rental market, and
make your rent payment work for you!