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Updated over 4 years ago on . Most recent reply

Ronald Mejia's profile image
Ronald Mejia's profile image
Ronald Mejia
  • Real Estate Agent
  • from Los Angeles, CA
  • Member since Jun 4, 2019
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39
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10
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Ronald Mejia's profile image
Ronald Mejia's profile image
Ronald Mejia
  • Real Estate Agent
  • from Los Angeles, CA
  • Member since Jun 4, 2019
Connect
Ronald Mejia
  • Real Estate Agent
  • Los Angeles, CA
10
Votes |
39
Posts
Private Lending & Conventional Mortgage Advice

What do lenders looks for in qualifying you?

Ronald Mejia
  • Real Estate Agent
  • Los Angeles, CA
Posted

I’ve been working tirelessly to fix my credit and get it in optimal lending shape. I have been able to pay off all my debts and debt free but have negative items from years ago that still have some time to fall off.

My credit karma score is at 661. What are some factors that lenders look at when applying for loans?

Thanks BP!

  • Ronald Mejia
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    Account Closed's profile image
    Account Closed's profile image
    Account Closed
    • Rental Property Investor
    • from Escondido, CA
    • Member since Jan 20, 2018
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    Account Closed's profile image
    Account Closed's profile image
    Account Closed
    • Rental Property Investor
    • from Escondido, CA
    • Member since Jan 20, 2018
    Connect
    Account Closed
    • Rental Property Investor
    • Escondido, CA
    137
    Votes |
    268
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    Account Closed
    • Rental Property Investor
    • Escondido, CA
    Replied
    • A couple big ones:
    • Job history (W-2 is easier to qualify with than 1099) and having at least 1 year, if not 2+ makes it easier.
    • DTI will also be a big part of qualification.
    • Reserves- lenders want to see that you have money in checking or savings
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