Mortgage approval is based upon the 4 Cs of lending: Capacity to pay back the loan (employment and income history), Capital; you must have enough money in the bank for a down payment and closing costs. While gifts and seller contributions are permissible, certain requirements and limits exist. Collateral; a professional appraisal is required for all loans to determine value. Credit history; lenders look at your record of regular payments made by you to others who have granted you credit. These payment records, the amount you owe and how often you borrow are measures of stability which is a key factor in obtaining approval.
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