Requirements
Basic eligibility for a mortgage loan includes:
- Two years’ history of employment
- A FICO credit score of 620 or higher
- No history of bankruptcy in the past two years.
Note that to find out the information about home loan requirements, clientele have to visit the company’s website.
Application details
For employed persons, photo identification, past two years employment history, the most recent pay stub, personal tax return and W2 statement for the past years are required. If clientele apply as self-employed persons, they will need to attach 1099 statements for the past year, most recent two years’ personal and business tax returns, a year-to-date P&L and K-1 statement (if you own part of an S-Corporation or Partnership). Take into account that if you are applying for a home loan, other documents may be required.
Applications are generally considered within a day or two.
The reasons for rejection commonly include incongruity of clienteles’ credit score and documents to the requirements, insufficient experience operating in business measured in years.
How to apply for a loan
- Click the Apply button.
- Customers will be suggested to go to Better’s website and select the Get Started button.
- Select either Are you buying? or Refinancing a home? option.
- Choose See rates.
- Complete the form by answering a few questions.
As they progress through the forms, they approve a soft credit pull. The further step is getting a pre-approval decision and getting in touch with a loan officer.
