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(CNBNewsnet)(July 17, 2018)--Some people enjoy renting their home; they like the freedom it gives them to live where they want, and they like the fact that the landlord has a lot of responsibility for upkeep in many cases. However, there are others who would prefer to own their own home, even if that is a difficult thing to do. It’s not impossible, however, to obtain a mortgage, and more lenders are now opening up the opportunity to buyers once more. There must, of course, be certain criteria in place before you are able to get a mortgage; here are some of the most important.
Your Income
When you apply for a mortgage, the first thing that will need to be considered is your income. You will have to show evidence of what you earn, so if you don’t have any pay stubs, you will need to ask your employer to provide them. They may need to create pay stubs to give you if they don’t automatically give them out when you are paid, but this is not a difficult thing to do.
If you are self-employed and therefore don’t have any pay stubs, then a recent tax return will often be sufficient, but it will depend on the lender you are speaking to; each one will have their own set of criteria, so you will need to find out how they deal with those who are self-employed.
Your Credit
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