What are the eligibility requirements for a mortgage loan?

To qualify for a mortgage loan with Taylor Bean & Whitaker, certain eligibility requirements must be met. Firstly, applicants must have a stable and verifiable source of income. This includes employment, self-employment, retirement benefits, or other reliable sources. Additionally, a satisfactory credit history is necessary, demonstrating a responsible repayment record and a manageable debt-to-income ratio. The minimum credit score required may vary depending on the type of loan, with higher scores generally resulting in more favorable terms. A down payment is also typically required, with specific percentages determined by the loan program and other factors. Finally, borrowers must provide proof of identification, residency, and other relevant documents. Meeting these eligibility criteria helps ensure responsible lending and increases the chances of obtaining a mortgage loan.