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Contact Information
Greg Ulrich
Loan Officer, Loan Officer, NMLS LO ID # 254799
Direct: (817) 812-2287
Fax: (608) 234-2407
Email: Send Email
Qualifying For A Loan


How to qualify for a loan:
While keeping in mind standard rules and guideline we must follow, the first thing I want you to think about is what is comfortable and best for you. As I have always said, “Just because you can qualify for it… does not necessarily mean you should.” Make sure you buy in a range that is affordable for your spending habits. By affordable I do not mean you only have two pennies to rub together after you pay your bills at the end of the month. If you live this tight, believe me, one hiccup (and you will have one) and you can head into financial devastation. Affordable to me means you are able to pay your bills, give to that which you feel strongly about and save at least 15% of your income. If you live pay check to pay check, it is time to get serious about how you live. An old rule of thumb…A home should be a blessing, not a curse.
Here are the normal guidelines we refer to when it comes to getting a home loan.
Credit- The borrower should display a history of responsible credit use. We do have programs that go as low as a 580 credit score (For more info on credit scoring, go to our credit score requirements section).
Income- The borrower should have consistent employment and stable income for the previous two years. If using overtime, bonuses or commission we can use a two year average of such income for qualifying. If you have concerns, best bet is to fill out an application (over the phone, face to face or on our website here) and send in two years of tax returns, w-2’s or 1099’s and one month worth of paystubs. 
Capacity- The borrower should have qualifying ratios of 30/40. The 30 represents the percent your house payment should not exceed your monthly income. The 40 represents the percent your house payment and other monthly installment and revolving debts should not exceed your monthly income by.
Collateral- The home should be safe and structurally sound in a stable market. Remember, the more unique the property the more difficult to place the loan it may be.  Currently we do not have loans for geodesic, log cabins on acreage.
Assets- As there are many different types of loans, this guideline can widely vary. For instance, some loans allow for the seller to pay all of your closing costs and your down payment can be a gift. Other loans can require at least two months of reserves after closing. It all depends on your need.
These are some of the basics. Feel free to apply now for your free pre approval and we will determine the loan in your best interest!
Greg Ulrich, Loan Officer, Loan Officer, NMLS LO ID # 254799
Fairway Independent Mortgage Corp. NMLS Entity ID#2289
1340 S Main St, Suite 195, Grapevine, TX  76051
Direct:  (817) 812-2287
Fax:  (608) 234-2407
Copyright © 2018 Fairway Independent Mortgage Corp.
Complaints regarding mortgage bankers should be sent to the Texas Dept. of Savings and Mortgage Lending, 2601 N. Lamar, Suite 201
Austin, TX 78705.
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