What do mortgage lenders require today? Mortgage lenders require the same things they have required for years. For example a two year residence, income history and employment is a goal but not a requirement. A person who will be approved quickly is one with high credit scores, low debt ratios, savings and stability in employment and residence. A more difficult approval would be someone with a high debt ratio or long employment gaps.
A combination of equity, income and assets is the ideal mix for underwriting. You are more likely to be approved with $50,000 in a 401k than $100 in checking. You are more likely to be approved with 10% down than 5%. You are more likely to be approved with 750 credit scores than 650. The best way to position yourself for a fast approval is pay down debt, continue or start a systematic savings plan and pay all your bills before their due dates. This will almost guarantee approval.
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