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Exactly what are your chances of home loan approval? Your advance payment and credit history create a huge difference

Exactly what are your chances of home loan approval? Your advance payment and credit history create a huge difference

Many home loan candidates aren’t perfect

This article, chances are you’re at least a little worried about obtaining mortgage approval if you’re reading. An Urban Institute research classified mortgage candidates into three teams:

  • Candidates having a high credit history and big advance payment
  • Applicants with a reduced credit history (below 580) and a tiny payment that is down
  • Most people are into the middle — a variety of credit ratings and down re re payments