The Agency - Charlotte - Flipbook - Page 29
YOUR FINANCES
AT A GLANCE
What lenders
typically evaluate
(and why it matters)
CR EDIT PROFIL E
Payment history, utilization, length of credit, and
scores influence approval and pricing. Improving
credit can reduce your rate and monthly payment.
INC OME & EM PLOYMENT STABI LIT Y
W-2, 1099, K-1, and other income are evaluated for
consistency and likelihood of continuance. Career
moves may be acceptable with documentation.
DEBT-TO-INC OME (DTI) RATIO
Lenders weigh all monthly debts (including
projected housing payment) against gross income.
Lower DTI = stronger approval odds and terms.
ASSETS & RESERVES
Funds for down payment/closing and (often) postclosing reserves. Gift funds may be permitted with
proper documentation.
PROPERTY C OLL ATERAL
An independent appraisal confirms value and
condition; the lender must be confident the home
secures the loan.
Don’t worry if you don’t meet all of
the guidelines. Lenders work
through a variety of circumstances.
And we’re here to help.
T H E A G E N CY C H A R LO T T E
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