Home Ownership

Steps To Home Ownership

As part of our full service Credit Restoration and Home Loan Program, AFS Credit Restoration would like to provide to you the following information to assist you in properly setting up your credit profile to get prepared for the mortgage underwriting process. Below are the minimum requirements needed to submit your file for a mortgage pre-qualification after the completion of our AFS Credit Restoration Program.

All borrowers on the loan must have a minimum middle FICO credit score of 640. There are some programs available for lower scores but is a case by case basis.
2-3 positive items reporting on your credit report for a minimum of 10-12 months.
12 months verification of rent through a property manage company or cancelled checks. Attention if you are renting from a private party landlord please pay with personal check so a paper trail can be obtained.
2 years of consistent employment with no major gaps of 2 or more months.
Monthly house payment must not exceed 31% of your monthly household income.
Down payment must be sourced and seasoned from the combination of the following; checking, savings , 401k, investments and or gift funds from family.

We hope this is helpful but please feel free to reach out to us for further information.