What is required to get a mortgage?

September 11, 2018
Author: New England Home Mortgage

Mortgages can seem like a confusing and stressful process. But making sure you meet the requirements and have your documents in order will help with the initial stages. Here are three musts when applying for a home mortgage loan:

  1. Income. In order to buy a home you need to show proof of income. You will need W2s from the most recent two years, as well as paychecks from the most recent month. If you are self-employed, you will need tax statements from the most recent two years. Income from the past two years is averaged to determine what you can afford.
  2. Credit. A credit report will be run for anyone looking to buy a home. A score of 740 or higher is considered excellent for a loan, but NEHM can secure loans for scores of 600, and even down to 580 depending on the situation.
  3. Closing Fees. In addition to your down payment, lenders want to be sure you can cover closing costs. You will need bank statements, retirement savings statements, and possibly other financial documents to ensure you have this money available.

Once these requirements are in order, our mortgage team reviews all information and determines your debt-to-income ratio. We explain in detail what your ratio means, making sure your monthly mortgage payment is reasonable. As one of our owners Brian Faye says, “You’ve got to be comfortable with the mortgage payment, you’ll be paying that for a little while.”


To see if you meet the requirements for a loan, fill out our pre-qualification form here.

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37 W. Center Street, Suite 208, Factory Square, Southington, CT. 06489