Posted on: 01st Nov, 2010 12:30 pm
What are the requirements for getting a mortgage on a house that you currently own? Do you need to show income to qualify, even if you own your home with no current mortgage?
Hi lindaswan,
Though you own the property free and clear, you'll have to show 2 years of employment history in order to get a mortgage. Apart from this, you should have a credit score of 700-720 in order to get a conventional loan. If you want to go for a FHA loan, then you should have a score of around 580.
Thanks,
Jerry
Though you own the property free and clear, you'll have to show 2 years of employment history in order to get a mortgage. Apart from this, you should have a credit score of 700-720 in order to get a conventional loan. If you want to go for a FHA loan, then you should have a score of around 580.
Thanks,
Jerry