It’s April 2020. The entire world is quarantined. You’ve been talking about buying a property for years but still haven’t done so yet. You’re making great income. You earn large commission checks. You know real estate is a safe asset class. Why not invest?
Poor credit? Cash for down payment? Overall uncertainty?
Many first time homebuyers believe a 640 credit score is too low to qualify. They believe a 60K salary isn’t high enough. They also believe they’ll have to put down 20%.
So what do you actually need to qualify for a mortgage to buy real estate today?
- 620 credit score
- 3% down payment
- Two years of employment
Obviously there are more things required to qualify, but this list represents 90% of the minimum requirements needed.
Next steps?
Contact your bank or mortgage lender to get a pre-approval letter before browsing Zillow. Once you get the letter, hire an experienced real estate agent to guide you through the whole process. I know one I can recommend!