Do you know what is needed these days for a loan? Proof you have the ability to repay (ATR) the loan. Dodd/Frank requirements are there to protect the borrower, but have made it more stringent to acquire that loan you want.
All lenders are required to show you can repay the loan otherwise they may be liable. In order to meet these requirements you will have to:
- Prove you have the income required to purchase the property you desire
- Show job stability with at least two years history
- Credit with no lates at least within the last 6 months
- 1 year on conforming loans
Knowing about these requirements prior to talking to a loan officer or broker is helpful in ensuring a smooth transaction. Often times, borrowers are caught off guard by these requirements and time is lost searching for required documents. Or worse, they are denied.
Become prepared for your loan and show up prepared.
Give us a call @ 866-920-5777 – We’re in Sacramento, CA.