Potential home-buyers are often at a loss as to whether or not they will qualify for a home loan, and if they do qualify, how much it can be. Banks have indeed become very selective about who they will loan money to for a house or property. Their criteria however, are very simple. They just need to know that you will be able to repay the loan. You really only need to meet four simple qualifications.
Qualification #1
You need to have enough readily available cash to make a down payment on the property. To be safe, figure that you will need to make a twenty percent down payment. Just take the amount you have available for a down payment, multiply it by five and you'll have the amount you can safely spend on a property.
Qualification #2
You will need to prove that you have had steady employment at the same job or in the same field for a minimum of two years. If you are self-employed you will need to demonstrate that you have, over the last two years, made enough money to maintain the payment on the property you intend to buy.
Qualification #3
Your credit score needs to be good. It doesn't have to be perfect or even close to perfect, but it can't be bad. If your score is above 660 you should be fine for most lending institutions.
Qualification #4
In general, the lending institution will require that your monthly income is around two to three times higher than the mortgage payment that will be required on the property you are purchasing.
If you meet the four qualifications listed above, you will likely have no problem getting a loan for your home purchase. However, if you don't meet those qualifications it doesn't mean you can't get a loan. Go to the bank and ask. It doesn't cost you anything to try. At the very least your meeting with the bank will result in you knowing exactly what you need to do to qualify if you currently do not.
If you are turned down, here's a few alternatives that might help you buy your property in spite of the banks' rejections.
Alternative #1
You can hire a mortgage broker who will try to locate a lender that will work with you. Of course they charge for this service, ฝากขายที่ดิน but if it's your only option it can certainly be worth it to try.
Alternative #2
See if the current owner of the property will carry the contract for you. This simply means that they will finance the home instead of the bank financing it. You can make the deal more attractive to the current owner by offering them a higher interest rate than the banks are currently charging.
Alternative #3
Ask a family member or a friend if they will be willing to co-sign the loan for you. What this means is that you own the loan and you are responsible for paying the mortgage, but if you fail to do so, the person who co-signed for you will have to pay it. Obviously, this will have to be someone who trusts you a great deal.
Alternative #4
Another option is to have a friend or a family member purchase the property. You will have an agreement with them to rent with option to buy. You'll be making all the payments, paying the taxes and all other costs as your rent. You can either continue this until the house is paid for, or at some point when you can qualify for a loan from a bank, you can pay them off. If you don't pay, they can sell the house since it is in their name.
If you are determined, motivated and persistent you will be able to buy your house. Just stick with it and do whatever is required and above all, don't give up.
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