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Government Loans - How to qualify

Government Loans - How to qualify

government loans

Government loans can be the answer to realizing the American dream.

Owning your own home is the American dream. Unfortunately for many Americans it is an unrealized dream. Government loans are available to help you realize the dream of home ownership.

Here are three points you should consider to help you qualify for a government loan:

•  Income: You must have verifiable income with at least a two year employment history. Your income will be checked as well as your current monthly debt obligations. The financial institution needs to be sure that you can afford to pay your mortgage payment.

•  Good credit:
Good credit is important in qualifying for a mortgage. The financing company needs to know that you have a history of paying your bills. Your score should be 640 or better. They also consider the amount of debt that you own on your credit cards and other payments. Pay down any balances if possible before you apply.

  Down payment: Having a large down payment will help you qualify. The more money you have to put down, the easier getting approval will be.

To find out more information about government loans and if you qualify visit the expert mortgage professionals at Midland Mortgage Corp.
Posted May 10, 2012 by Midland Mortgage Corporation