- Tatiana
How To Get Qualified For a Home Purchase in ANY MARKET.
Updated: Oct 20, 2021

First: The Basics of Loans
The recent market has been crazy in South Florida so whether you are trying to buy a home for the first time, refinance an existing mortgage, there are different TYPES of lending available to you. If you search for “How to qualify for a mortgage” on Google you’ll see a bunch of advertisers stating that you have to have a credit score of around 700 to even get into a home. So number one, stop using their advertising as truth. Number two, understand what different loan products are out there.
The lender you use and the type of loan chosen affects the various elements needed to qualify for a loan. The following are completely dependent on this combination of loan product and lender:
- Credit Score (more on this later)
- Debt to Income Ratio
- The Down payment needed to qualify
Based on the type of loan, you may also have to pay mortgage insurance. I’ll write more on this separately because it’s not necessarily a bad thing! The key is to be strategic.
Now that you know what will affect the different categories here’s what you can do for FREE, right now.
Step 1: Work on your credit
This all comes down to your payment history and your credit usage. There is revolving credit which should be kept low and installment credit which is not the same thing. Your mortgage lender will gauge your ability to pay and your creditworthiness based on the historical data and credit usage.
In order to get approved for a mortgage, you’ll still have to meet your lender’s minimum FICO score. Here’s a sample of what the various loan types are looking for.
(*These numbers were accurate as of Summer 2021 and may change as the market dictates)
Type of Loan | Minimum FICO Score |
Conventional | 620 |
Jumbo | 660 |
FHA | 580 |
VA | 580 (depends on lender) |
USDA | 640 (depends on lender) |
Step 2. Save for the Down Payment

Your interest rate and loan-to-value (LTV) ratio — the loan amount divided by the current value of the home is a direct correlation to your Down payment. Typically new homeowners put down anywhere between 3% and 20% of a home’s cost. There are benefits to both and the type of loan also dictates how much you may be required to put down. It’s also good to keep in mind what the property will be used for. Lenders may want more down for an investment property than they necessarily would for a family home. Certain mortgages - Like the VA loans- don’t require a down payment but a different up-front savings fee.
So now you know what you need to put down, but where does the money come from?
In my WAR ON DEBT workbook, I walk you through how to change your money mindset, shift your spending from luxuries to necessities and start working with you to identify small tweaks that will make a big difference in a short time frame. I HIGHLY recommend downloading this free tool and getting to work if homeownership is in your future plans.
For now, let’s go over the numbers:
Average Down payment on a $200,000 home at 10% is $20,000.00
Look at the last year’s spending and see where your frivolous spending goes. I bet you see a lot more Starbucks than you ever thought. I’m not saying to cut out all the niceties, but have a budget and know where your money is going. My workbook has you do a tour of your house to look for excess spending. It’s amazing how many bottles of shampoo one family can have. Freeing up $20,000 for an average family of four in a year is COMPLETELY doable.
Additionally, most states offer down payment assistance for first-time homebuyers.
Start looking at your money differently. It’s not meant to be spent, it’s meant to be GROWN. It’s meant to be turned into more money, to be invested, and to allow you to get into the home of your dreams.
Now you may say “Tatiana, I thought you said to save my money and invest, not spend it on a house.” Here is my answer to you. When you purchase a home you are INVESTING. Property values are going up, your money WILL turn into more money by you simply parking it into a home. On top of that, the equity you are building in that investment by simply making your mortgage payment again pays dividends. I could go on and on into why real estate investing is the smartest type of investment in the world, but that’s yet another article. Suffice it to say, this will help you build WEALTH. That’s why you’re here, isn’t it?
I understand that tensions are high, there’s a lot of misinformation out there and you don’t have all of the answers to your home-buying needs. That’s why I’m here to make it easier for you. I take the stress out of the process and work to give you every available resource and product out there that will be the perfect fit for any situation. You’re not like anyone else, so why do you think you’ll fit into the same home buying structure as everyone else? Each transaction is as unique as the clients. I’m here to make it less stressful.. We're here to make your experience simpler, easier, and much less stressful!
To learn more and set up a consultation, contact me because No Renter should be left behind.