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What do I need to Apply

What do I need to qualify?

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


Think of your credit as the evidence of your borrowing history and your intention to pay. your credit score is the the result of how you handled credit over time. Credit scores range from 300 to 850, with 850 being the “best”. Generally, you’ll need a credit score of at least 580 to qualify for an FHA loan and a score of at least 620 to qualify for a conventional loan. A higher credit score can make the process much easier and can help you qualify for a favorable interest rate. Derogatory events such as foreclosure, bankruptcy or deed in lieu can affect your ability to qualify for a mortgage loan. Contact a Waterman Bank Team Member today for additional information.

Property / Occupancy Type

The type of property you plan to purchase or refinance can change what you will need to qualify. There are different requirements for a single-family home vs. a townhouse, condominium, or multi-family property. Documentation requirements may vary based on occupancy type: Primary Residence, 2nd Home, or Investment property. Property type and occupancy type can affect your monthly payment or the minimum down payment. Contact a Waterman Bank Team Member today for more information.

Debt to Income Ratio (DTI)

Debt to Income Ratio measures your total monthly liabilities/payments compared to your total monthly gross income. A Debt to Income Ratio of 45% or less will offer the most loan options available.

Your income can come from sources such as a W2 job, retirement income, business/self-employed income, rental property income and more. Your total monthly liabilities/payments consist of your monthly housing expense (mortgage payment principal and interest, taxes, all insurance types required, HOA fees) PLUS all other monthly expenses: car payments, student loan payments, mortgage payments on other properties (including all property expenses), personal loan payments, minimum credit card payments, spousal support, child support, etc. Contact a Waterman Bank Team Member today for more information.

Down Payment / Cash to Close

Your Down Payment is the amount of money, a percentage of the purchase price, that you will pay upfront while financing the balance of the purchase price. Additional closing costs will also be due at the time of closing.

For example, if your are purchasing a $400,000 home and you decide to put 10% down, your Down Payment would be $40,000 and the loan amount will be $360,000.

Some loan programs allow for a Down Payment as low as 3% of the purchase price. The amount of your Down Payment will affect loan programs available to you and the interest rate offered. In addition to the Down Payment there are additional closing costs that you will be responsible for at the time of closing. Contact a Waterman Bank Team Member today for additional information!

What do I need when I apply for a mortgage loan?

General Requirements:

  • Copy of Driver’s License or State ID
  • Two Years of Employment History
  • Two Months Bank Statements 
  • Last 2 Years of Federal Tax Returns 
  • Additional Documents may be Needed on a Case by Case Basis

If you 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.

Speak to a Mortgage Loan Originator

Call 312-212-6050

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.