waterman Mortgage

Get Pre-Approved

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Complete this quick and easy form to start the process of getting the right mortgage for you.

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Complete this quick and easy form to start the process of getting the right mortgage for you.

Speak to a Mortgage Banker

What do I need to qualify?

Your ability to qualify for a loan is dependent upon four factors.

Think of your credit has the evidence of your borrowing history or your indication to pay. Your credit score is the result of how you handled credit over time. Generally, you’ll need a credit score of at least 580 to qualify for an FHA loan, and a score of 620 to qualify for a conventional loan. However, the higher your score the easier it will be for you to qualify and allow you to get the best interest rates. Derogatory events like, foreclosure, bankruptcy or deed in lieu can also affect your ability to qualify. A Waterman Bank mortgage professional will look at all these aspects of your credit when issuing your pre-approval.

The type of property you want to purchase can change how you need to qualify. There are also different qualifications for single-family home vs a townhome, condo, or multi-family property. These differences can affect your monthly payment or how much to put down on your home. Also, if you are purchasing a property as your primary residence, 2nd home or investment, it can change the way you’ll need to qualify. For more information on getting pre-approved for a particular type of property talk to a Waterman Bank Mortgage Banker.

Debt to Income Ratio measures your total monthly gross income by your total monthly payments.


Your income can come from sources such as a W2 job, retirement, business or self-employed income, rental property income and more. Your total monthly payments consist of housing expenses that included your new mortgage payment (principal, interest, taxes, mortgage, and property insurance) and HOA fees. Plus, other monthly expenses typically included on a credit report, such as the monthly payments on, car, student or personal loans, and minimum monthly credit card payments. Different loan programs require different ratios but as a general rule having all your monthly payments, under 45% of your monthly gross income gives you most loan options and an easier qualification.

Your down payment amount is the percentage of the purchase price that you will apply upfront, while financing the balance.

 

For an example if you are buying a $400,000 home and you put 10% down, your down payment would be $40,000 and the loan will be for $360,000. Generally down payments can be as low as 3% but the higher the down payment usually results in better rates, more loan options, and an easier qualification. Your closing cost consist of a variety of fees like origination, underwriting, appraisal, title, attorney, survey, taxes, deed recording and credit report charges. You can expect your closing cost to be between 3-6% of your loan. The amount can differ based on the property type, location, loan program and more. The combination of down payment and closing cost is your cash to close, which is how much you will have to bring to closing. However, you can lower your cash to close by utilizing tools such as seller or lender credits, and gifts from family or longtime friends. Talk to a Waterman Mortgage Banker for more information.

What do I need for Pre-Approval?

General Requirements:

  • Copy of Driver’s License or State ID
  • Two Years of Employment History
  • Proof of current method of income
  • Two Months Bank Statements 
  • Last 2 Years of Federal Tax Returns 

If your own Property:

  • Recent Mortgage Statement
  • Recent Property Tax Bill
  • Homeowners Insurance Statement or Declaration Page

 

If you own a Business:

  • Two Years of Business Tax Returns
  • Two Years of Employment History

What if I don’t meet these requirements?

Don’t fit the box? There are always exception to these rules, at Waterman Bank we have a large selection of loan products for every type of borrower and situation, talk to a mortgage professional for more information.

Schedule a Virtual Appointment

 Sign up for a virtual Calendly appointment to set up a 30-minute consultation session with a Waterman Banker.

Waterman Bank is here to help.

At Waterman we believe in serving all the people in our communities, understanding your needs and finding the right solutions to meet them. Whether your goals are big or small we are only a phone call or email away, we’re here to help.