In this episode I go over  the key elements of what is needed to get a pre-approval letter.  This letter is what you need to start shopping for a home. In subsequent episodes, I will go more in depth on explaining each of these key elements.

The key elements to get a mortgage pre-approval are:

• Credit. Know your credit! Request a free credit report from Annual Credit Report.com to verify what is on your credit and address incorrect or negative information. 
• Income and Income Verification. 
• Down payment. Most lenders require you contribute to the loan in the form of a minimum down payment. This can come from your savings, gifts, grants, down payment assistance, silent loans etc.
• Debt-to-Income Ratio, this very important number is the percentage of your income that you use to pay debt. It is that number that tells us what mortgage payment you are able to afford along with all the other debts that are reported on your credit. 
• Mortgage type that you qualify for. The most common are FHA, Conventional, VA, USDA but there are other loan type like DSCR, Bank Statement Loans, ect.
• The Pre-Approval letter, this is the letter you get from a lender, it gives you a clear budget and tells realtors and sellers that you are serious. 

If you have any questions or suggestions for a podcast please feel free to send me an email at REtienne@rhfny.com or on Whatsapp at 516-253-4865