Qualification criteria for a mortgage can vary by lender but generally include:
- Credit Score: A higher credit score increases the chances of getting approved and securing a lower interest rate. - Debt-to-Income Ratio: Lenders prefer a lower debt-to-income ratio, indicating that the borrower has a healthy balance between debt and income. - Down Payment: A larger down payment reduces the loan amount and can also lower the interest rate. - Employment History: A stable employment history is often required to ensure the borrower has a steady income to make monthly payments.