To qualify for a home loan, you typically need to meet the following requirements:

• Credit score: A good credit score (typically above 660-680) is important to qualify for a mortgage loan. It demonstrates to lenders that you are a responsible borrower.

• Income: You will need to show proof of steady, stable income that can cover your mortgage payment, as well as your other expenses.

• Employment of employment: Lenders typically prefer borrowers who have been employed for a certain length of time, typically two years or more.

• Debt-to-income ratio: Your debt-to-income ratio (DTI) is the amount of your monthly debt payments compared to your monthly income. A lower DTI means that you have more income available to pay your mortgage, and a higher DTI can make it more difficult to qualify for a mortgage.

• Down payment: The larger your down payment, the more equity you have in your home and the lower your monthly mortgage payment. Some mortgage programs, such as FHA loans, may allow for smaller down payments. While having 20% is recommended, it isn’t required.

• Savings: Lenders prefer borrowers who have a savings account with enough money to cover a few months of mortgage payments in case of an emergency. This is typically referred to as “Reserves”.

• Property type: Lenders will also consider the type of property you are buying, including the location, size, and condition of the home.

It’s important to note that specific requirements for home loan qualification vary between lenders and mortgage programs, so it’s important to consult with a lender to understand your specific eligibility and requirements.