You don’t need to put 20% down to buy a home. You can buy a house with no money down by applying for a loan guaranteed by the U.S. Department of Veterans Affairs (VA) or the U.S. Department of Agriculture (USDA). Even if you’re not eligible for these government-backed zero-down loans, you may qualify for homebuyer assistance programs that allow you to cover the cash needed for both your down payment and closing costs.
- No-down payment home loans
- Pros and cons of no-down payment loans
- Should I get a no-down payment loan?
- Low down payment mortgages
- FAQs about down payments
No-down payment mortgage options
There are two government-backed 0%-down-payment loan options. The VA loan program is specifically for military borrowers, while the USDA loan is aimed at low- to moderate-income borrowers buying homes in designated rural areas.
VA loans
VA loans are only made to active-duty service members, veterans and eligible surviving spouses. They are guaranteed by the VA and offered by VA-approved lenders. Even with no down payment, you don’t have to pay mortgage insurance, giving you a lower monthly payment compared with other low- or no-down-payment home loan options. An added bonus: The VA removed loan limits, which means VA borrowers can buy higher-priced homes with no down payment.
To buy a house with a no-money-down VA loan you need to:
- Prove you’re eligible. Provide a certificate of eligibility (COE) showing enough entitlement for zero-down payment financing.
- Meet the minimum credit score requirement. Although VA guidelines don’t have a set minimum, many VA-approved lenders won’t accept scores less than 620. Technically, the VA does not have a minimum credit score requirement; they ask lenders to look at your entire borrower profile to determine your eligibility.
- Meet the debt-to-income (DTI) ratio requirement. Your total debt divided by your gross income, known as your DTI ratio, shouldn’t exceed 41%. However, your lender may approve a higher DTI ratio with compensating factors like mortgage reserves or a higher credit score.
- Verify you meet the free cash requirement. Also known as the VA residual requirement, this requirement is unique to VA loans and varies based on the home’s square footage, your family size and your home’s location.
- Buy a home you intend to live in as your primary residence. You can’t buy a second home or investment property with a VA loan. However, you may own more than one property with a VA loan.
- Pay a funding fee in most cases. Instead of mortgage insurance, the VA charges a VA funding fee to cover the taxpayer cost of the program. The fee is 2.3% of your loan amount on your first no-down-payment mortgage, and 3.6% on subsequent homes unless you’re exempt due to a service-related disability.
USDA loans
The USDA loan program provides low- to moderate-income homebuyers with no-down-payment mortgages to buy homes in USDA-approved rural areas. Although no mortgage insurance is required, eligible borrowers must pay an upfront guarantee fee and an annual guarantee fee that becomes part of the monthly payment.
To buy a house with a no-money-down USDA loan you need to:
- Prove the total income of all adults in your home. You can use the USDA income eligibility tool to confirm your household income doesn’t exceed 115% of the median income limits for your county and state.
- Provide evidence of how well you’ve managed credit. The USDA doesn’t set a credit score minimum, but does require you to show you have and will handle your credit payments responsibly. Many lenders have a 640 minimum credit score guideline.
- Prove your total DTI ratio is no more than 41%. In addition to a maximum total DTI ratio of 41%, USDA caps your monthly payment DTI ratio at 29%. This is calculated by dividing just your expected mortgage payment by your gross income.
- Buy a primary residence in a designated USDA rural area. You must live in a home purchased with USDA financing as your primary residence.
- Pay upfront and yearly guarantee fees. The USDA charges borrowers guarantee fees to defray the taxpayer cost of the USDA mortgage program. Current USDA fees include a lump sum guarantee fee of 1% of the loan amount which is usually rolled into the loan amount, and an annual fee of 0.35% of the loan amount, divided by 12 and added to the monthly payment.
THINGS YOU SHOULD KNOW
There are two home loan programs offered by the USDA: the Single-Family Guaranteed Loan Program (SFGLP) and the Single-Family Housing Direct Home Loan (SFHDHL). The SFGLP is offered by USDA-approved lenders, while the USDA Direct Loan program is offered directly through the rural development office.
Down payment assistance loans
If you aren’t eligible for VA or USDA zero-down loans and don’t have the cash for a down payment or closing costs, a down payment assistance (DPA) loan is your next best bet. The U.S. Department of Housing and Urban Development (HUD) provides funds to all 50 states to contribute to down payment programs.
DPA funds can be used to cover the low-down-payment requirements of loans offered by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA). For example, the Fannie Mae HomeReady® program only requires a 3% down payment, which could come from a DPA program offered in your area. There are typically two ways you’ll receive DPA money: as a grant, or as a second mortgage. Here are the basics of how each works:
- Grants: A grant is money you don’t have to repay. State and local municipalities offer down payment grants that can be applied to the down payment requirement of the mortgage program you’re approved for. One drawback: Some programs charge higher rates to cover the program costs.
- Second mortgages: This type of DPA loan is called a “second mortgage” because it’s placed behind your first mortgage as a lien on your home. In some cases, you’ll be required to make regular principal and interest payments, while others are “silent” seconds that don’t need to be repaid as long as you stay in the home for a set time period.
Besides qualifying for the mortgage that’s tied to your DPA loan, you may have to meet specific guidelines that may include:
- Income limits: DPA programs are set up to help low- to moderate-income borrowers buy homes.
- Neighborhood restrictions: Some down payment assistance programs focus on qualified census tracts, which means the funds can only be used to purchase homes in targeted neighborhoods.
- Length of ownership requirements: Many DPA programs require you to live in the property a certain number of years, or repay the money.
Doctor loans
Some lenders offer no-down payment programs for medical doctors and dentists, with higher loan limits than standard conventional mortgage programs and no mortgage insurance requirement.
Pros and cons of no-down payment home loans
The biggest benefit of no down payment is that you can buy a home without emptying your bank account. However, a larger loan amount also means a higher monthly payment and closing costs. Because closing costs are about 2% to 6% of your loan amount, the more you borrow, the more you’ll pay. Here’s a breakdown of other no down payment pros and cons worth considering:
| Pros | Cons |
| You’ll leave extra money in the bank You can put extra cash into an emergency fund You’ll have a financial cushion for unexpected home repairs You’ll have a bigger mortgage interest write off if you itemize deductions | Your mortgage payment will be higher You’ll usually pay mortgage insurance You won’t have any equity at first You’ll pay higher closing costs You won’t qualify for as much |
Should I get a no-down payment loan?
You should get a no-down payment loan if:
- You can afford the higher monthly payment. A higher loan amount equals a higher down payment — make sure you leave room in your budget for both regular and unexpected expenses.
- You don’t plan to sell the home in the near future. Sellers typically pay up to 6% in real estate fees, which means you could end up writing a check if you end up selling your home soon after taking out a zero-down payment mortgage.
- You’ll benefit from homeownership versus renting. If you’re tired of paying rent and want your monthly housing payment to go toward a home you own, a no-down payment loan may help you accomplish that goal sooner.
- You have a plan to pay the loan down faster in the future. Home equity can be a powerful financial tool over time, and the quicker you start building it, the better. Consider bi-weekly mortgage payments to help knock down your balance faster.
Low down payment mortgage options
If you don’t qualify for any of the no-down payment options listed above, you may consider low-down-payment mortgage programs. All of the programs listed below allow you to use down payment assistance to meet both the minimum down payment and closing cost requirements of each loan.
Fannie Mae HomeReady loans
You’ll only need a 3% down payment to buy a home through the Fannie Mae HomeReady program. However, check the Fannie Mae lookup tool to make sure your income is within the income limits.
To qualify under Fannie Mae HomeReady guidelines you’ll need to:
- Have a credit score of at least 620
- Pay private mortgage insurance (PMI), which may be pricey if you have low credit scores
- Prove your DTI ratio is 45% or less, although a high credit score or cash reserves may allow up to 50%
- Buy a home that you plan to live in as your primary residence
Freddie Mac Home Possible loans
With a 3% down payment, you could get a Freddie Mac Home Possible® loan and qualify with the earnings of a co-borrower that doesn’t live in the home. Income limits apply, and the credit score requirements are higher than the Fannie Mae program.
You may qualify for a Freddie Mac Home Possible loan if you:
- Have a credit score of at least 660
- Pay PMI
- Prove your DTI ratio is 43% or less
- Take a homebuyer education course
- Buy a home as your primary residence
Conventional 97%
Also called the Fannie Mae Standard 97% loan, this program has no income or neighborhood limitations and only requires a 3% down payment for qualified borrowers. There is a homebuyer education requirement if all of the applicants are first-time homebuyers.
FHA loans
Mortgages insured by the Federal Housing Administration (FHA) require a bigger down payment of 3.5%, but allow for much lower credit scores than other low-down-payment loan programs.
FHA borrowers typically qualify if they:
- Have a credit score of at least 580 with a 3.5% down payment
- Have a credit score of 500-579 with a 10% down payment
- Pay an upfront and annual FHA mortgage insurance premium
- Have a total DTI ratio of 43% or less, although higher DTI ratios may be approved with compensating factors
- Borrow up to the maximum FHA loan limit for your area
- Buy a home as a primary residence
Keep in mind, these are the most popular low-down payment programs. Ask your lender about other first-time homebuyer programs that you might qualify for.
Piggyback loans
If you have 10%, you can try a piggyback loan, which involves getting a home equity loan or home equity line of credit (HELOC) for another 10%. Also known as an 80-10-10 piggyback loan, you’ll avoid mortgage insurance and have a lower total payment than no-down or low-down payment loans.
THINGS YOU SHOULD KNOW
One of the disadvantages of many low down payment programs is having to pay mortgage insurance. Mortgage insurance protects lenders against losses if you default and is required on both conventional and FHA mortgages with less than a 20% down payment. Conventional private mortgage insurance (PMI) can be removed once you have 20% equity in your home. You’ll pay two types of FHA mortgage insurance: MIP and UFMIP. The upfront mortgage insurance premium (UFMIP) is 1.75% of your loan amount financed into the mortgage. The mortgage insurance premium (MIP) is charged yearly, divided by 12 and added to your monthly payment and is paid for the life of your loan if you make a minimum down payment.
FAQs about down payments
Are zero-down mortgages a good idea? If you have a stable job and income and extra rainy day money in the bank, a zero-down mortgage may be a good way to get your feet wet in homeownership.
What is the minimum down payment for a mortgage? No down payment is required for VA, USDA and doctor loan programs detailed above.
What credit score do I need to buy a house with no money down? No-down-payment lenders usually set 620 as the lowest credit score to buy a house. You can boost your credit score by keeping your revolving charge card balances to a minimum and paying all your bills on time.
How do I find down payment assistance programs in my area? Check with local or state housing authorities or local housing nonprofits to learn about homebuying assistance in your area.
Can I use a gift for my down payment or closing costs? All the low-down-payment loan programs outlined above allow for gifts for your down payment, plus closing costs up to a set limit. Check with your employer to see if they offer any homebuying benefits.
Do you have to put 20% down on a conventional loan? No. However, a 20% down payment will help you avoid PMI on a conventional loan, and borrowing less means your monthly payment will be lower.
How can I get money for a down payment on a house? Setting up a down payment fund, using a savings app and setting aside tax refunds, bonuses and commission income over time or getting a side hustle for extra down payment income are just a few ways you can save for a down payment.
How much are lender fees on a no-down payment loan? Mortgage companies typically charge origination fees based on a percentage of your loan amount. For example, a 1% origination fee on a $300,000 loan amount would cost you $3,000. The higher your loan amount, the higher the lender fee.
FAQs
FHA loans are another great option for first-time home buyers who don't have a sizable down payment. You can get an FHA loan on a primary property with as little as 3.5% down. But the big selling point of an FHA loan is that your credit score can be as low as 580 if your house payment and overall DTI are low enough.
What credit score is needed to buy a house with no money down? ›
What credit score do I need to buy a house with no money down? No-down-payment lenders usually set 620 as the lowest credit score to buy a house. You can boost your credit score by keeping your revolving charge card balances to a minimum and paying all your bills on time.
What is the least amount of money down to buy a house? ›
Some lenders might require you to put 5% down, while others may only require 3%. If you have a credit score above 620, your lender may give you access to lower down payment loan options. FHA loan: With an FHA loan, you'll need a down payment of at least 3.5%.
How do you buy a house if you don't make enough money? ›
6 Tips For Buying A House With Low Income
- Work On Your Credit Score. Having a good or excellent credit score can help boost your mortgage approval odds. ...
- Outline A Budget. ...
- Save For A Down Payment And Closing Costs. ...
- Use A Co-Signer. ...
- Consider First-Time Home Buyer Programs. ...
- Pay Off Debt.
It's recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly payments.
What credit score is needed to buy a 300k house? ›
Additionally, you'll need to maintain an “acceptable” credit history. Some mortgage lenders are happy with a credit score of 580, but many prefer 620-660 or higher.
How much is a downpayment on a 200k house? ›
Conventional mortgages, like the traditional 30-year fixed rate mortgage, usually require at least a 5% down payment. If you're buying a home for $200,000, in this case, you'll need $10,000 to secure a home loan.
What is the minimum down payment on a $250000 house? ›
In other words, the purchase price of a house should equal the total amount of the mortgage loan and the down payment. Often, a down payment for a home is expressed as a percentage of the purchase price. As an example, for a $250,000 home, a down payment of 3.5% is $8,750, while 20% is $50,000.
Which type of mortgage does not require a down payment? ›
Two types of government-sponsored loans – VA loans and USDA loans – allow you to buy a home without a down payment. Each of the two loans has a very specific set of criteria you must meet to qualify for a zero-down mortgage.
Is $3000 enough for a down payment on a house? ›
How little can a down payment be? “Well, $3,000 is not enough for a down payment on most houses,” says Jill Gonzalez, an analyst with WalletHub. “The lowest percentage of down payment required is 3.5% for an FHA loan.
How Much Money Do You Need to Buy a House? A good number to shoot for is saving 25% of the sale price, in addition to setting aside 3–6 months' worth of your typical expenses for emergencies. So if you're looking to buy a $300,000 house, you should save around $75,000 (on top of your emergency fund).
How is anyone supposed to afford a house? ›
Stick to the 28/36 Rule
No matter how you finance your home purchase, most experts agree that people should not spend more than 28% of their gross income on housing expenses, and no more than 36% on debt. For example, if you earn $5,000 each month, your ideal mortgage payment should be no more than $1,400 per month.
What income should I have to buy a house? ›
The median home price in the U.S. is $284,600. With a 20% down payment, you can expect to pay roughly $1,200 a month for your mortgage on a home at that price. That means that in order to follow the 28% rule, you should be making $4,285 each month.
How big of a loan can I get with a 720 credit score? ›
You can borrow $50,000 - $100,000+ with a 720 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
How many lines of credit do you need to buy a house? ›
Having a good credit score is incredibly important — but so is the way you built it. A rough rule of thumb: You will need 3 open tradelines to qualify for a conventional loan.
How long does it take to build credit from 500 to 700? ›
The credit-building journey is different for each person, but prudent money management can get you from a 500 credit score to 700 within 6-18 months. It can take multiple years to go from a 500 credit score to an excellent score, but most loans become available before you reach a 700 credit score.
How much is a monthly payment on a 300K house? ›
On a $300,000 mortgage with a 3% APR, you'd pay $2,071.74 per month on a 15-year loan and $1,264.81 on a 30-year loan, not including escrow. Escrow costs vary depending on your home's location, insurer, and other details.
Can I afford a 300K house on a 70k salary? ›
On a $70,000 income, you'll likely be able to afford a home that costs $280,000–380,000. The exact amount will depend on how much debt you have and where you live — as well as the type of home loan you get.
How much do you have to make a year to afford a $400000 house? ›
Assuming a 30-year fixed conventional mortgage and a 20 percent down payment of $80,000, with a high 6.88 percent interest rate, borrowers must earn a minimum of $105,864 each year to afford a home priced at $400,000. Based on these numbers, your monthly mortgage payment would be around $2,470.
How much is a monthly payment on a 150k house? ›
For a $150,000, 30-year mortgage with a 4% rate, your basic monthly payment — meaning just principal and interest — should come to $716.12. If you have an escrow account, the costs would be higher and depend on your insurance premiums, your local property tax rates, and more.
To purchase a $200,000 house, you need a down payment of at least $40,000 (20% of the home price) to avoid PMI on a conventional mortgage. If you're a first-time home buyer, you could save a smaller down payment of $10,000–20,000 (5–10%). But remember, that will drive up your monthly payment with PMI fees.
How much a month is a 250k mortgage? ›
Monthly payments for a $250,000 mortgage
On a $250,000 fixed-rate mortgage with an annual percentage rate (APR) of 4%, you'd pay $1,193.54 per month for a 30-year term or $1,849.22 for a 15-year one. It's important to note that these estimates only include principal and interest.
How much income do you need to buy a $250 000 house? ›
How much do I need to make for a $250,000 house? A $250,000 home, with a 5% interest rate for 30 years and $12,500 (5%) down requires an annual income of $65,310.
What is the 20% down payment on a $300 000 house? ›
» MORE: Join NerdWallet to assess saving on your existing bills and help you reach your down payment goal faster. Most lenders are looking for 20% down payments. That's $60,000 on a $300,000 home. With 20% down, you'll have a better chance of getting approved for a loan.
Can I buy a house with a 557 credit score? ›
The Federal Housing Administration (FHA) requires a credit score of at least 500 to buy a home with an FHA loan. A minimum of 580 is needed to make the minimum down payment of 3.5%. However, some lenders require a score of 620 to 640 to qualify.
How do I borrow money for a down payment? ›
5 ways to borrow money for a down payment
- Take out a HELOC or home equity loan. ...
- Get a loan from a friend of family member. ...
- Tap your retirement savings. ...
- Get a bridge loan. ...
- Explore down payment assistance programs.
To qualify for an FHA-insured loan, you need a minimum credit score of 580 for a loan with a 3.5% down payment, and a minimum score of 500 with 10% down. However, many FHA lenders require credit scores of at least 620.
What credit requires a down payment? ›
You can qualify for an FHA loan with a credit score as low as 500, but your score will affect your minimum down payment. FHA home loans require a down payment of 3.5% of the purchase price for home buyers with a credit score of 580 or above. If your score is between 500 and 579, you're required to put 10% down.
How much should my first house cost? ›
As a general rule, you shouldn't spend more than about 33% of your monthly gross income on housing. If you choose to spend over that amount on your mortgage each month, you run the risk of becoming what's known as house poor, which is when you spend a large portion of your monthly income on your home.
How much of a down payment do you need for a 500 000 house? ›
Using the parameters outlined above, your financial situation might look something like this: Purchase price: $500,000. Down payment: $100,000 (20% of your home's purchase price) Loan amount: $400,000.
Mortgage experts recommend spending no more than 28 percent of your gross monthly income on a housing payment. So if you make $25K per year, you can likely afford around $580 per month for a house payment.
How can I save money for a house fast? ›
9 Simple Ways To Save For A Home Fast
- Get on a Budget (Yes, Really) The best way to save money is to plan for it. ...
- Live on the New Mortgage Payment. ...
- Bank Your Next Raise. ...
- Make It a “Staycation” Year. ...
- Cut Out All Extra Spending (For a Short Time) ...
- Get a Side Hustle to Save Even More. ...
- Pay off Your Debt. ...
- Sell Your Stuff.
How much can you afford to save? – Data from the Federal Reserve shows that the average American saves only 6% of his or her disposable income. Assuming he or she earns the median household income, 6% would be roughly $300 per month, enough to buy a $100,000 home by 35 if he or she started saving at 28.
How much should I save to buy my first property? ›
For FHA loans, a down payment of 3.5% is required for maximum financing. So for the same $500,000 home, you would need to come up with at least $17,500. Including the closing costs, you should be putting aside approximately between $27,500 and $28,750 to get the keys to your first home.
How much house can you realistically afford? ›
Figure out 25% of your take-home pay.
To calculate how much house you can afford, use the 25% rule: Never spend more than 25% of your monthly take-home pay (after tax) on monthly mortgage payments. Following this rule keeps you safe from buying too much house and ending up house poor.
Can the average American afford a home? ›
GREENVILLE, N.C. (WNCT) – A new study from the website Craftjack looks into how the United States is buying homes in 2023. The study showed that 61 percent of Americans can't afford to buy a house in this current market.
How much do you need to make to afford a 300 house? ›
Still, with a 3.5% down payment on a 30-year fixed-rate loan at 6 percent, you should be able to afford a $300,000 house with an annual salary of $74,500. What are the monthly payments on a $300K house? The monthly payment on a $300,000 house is in the ballpark of $2,000 a month.
Can I buy a house making $20 an hour? ›
With some planning, or should I rather say, with a structured plan, you can own your very own property. Yes it's possible to to afford a house making $12 an hour so if you make $20 an hour buying a house should be even easier.
How much house can you get for 2500 a month? ›
For example, if you budget for a monthly housing payment of $2,500 with two percent annually going to taxes and insurance, assuming the current 30-year mortgage rate is 4%, the math “worked backwards” reveals a maximum home purchase price of $385,000.
How much house can I afford if I make $36,000 a year? ›
For example, if you make $3,000 a month ($36,000 a year), you can afford a mortgage with a monthly payment no higher than $1,080 ($3,000 x 0.36). Your total household expense should not exceed $1,290 a month ($3,000 x 0.43). How much house can I afford with an FHA loan?
Generally speaking, you'll need a credit score of at least 620 in order to secure a loan to buy a house. That's the minimum credit score requirement most lenders have for a conventional loan. With that said, it's still possible to get a loan with a lower credit score, including a score in the 500s.
What credit score is needed for a 50k loan? ›
You will likely need a minimum credit score of 660 for a $50,000 personal loan. Most lenders that offer personal loans of $50,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.
What credit do they check when buying a house? ›
The commonly used FICO® Scores for mortgage lending are: FICO® Score 2, or Experian/Fair Isaac Risk Model v2. FICO® Score 5, or Equifax Beacon 5. FICO® Score 4, or TransUnion FICO® Risk Score 04.
What credit score gets the best rates? ›
Good credit score = 680 – 739: Credit scores around 700 are considered the threshold to “good” credit. Lenders are comfortable with this FICO score range, and the decision to extend credit is much easier. Borrowers in this range will almost always be approved for a loan and will be offered lower interest rates.
How many credit cards do you need to be approved for a house? ›
The number of accounts the lenders requests you to close depends on how many accounts you have open and your monthly payments. Although there is no magic number, having two-to-three credit card accounts is usually a good number but it depends on the balances, monthly payments and terms for your accounts.
How much can your credit score go up in a month? ›
There are several actions you may take that can provide you a quick boost to your credit score in a short length of time, even though there are no short cuts to developing a strong credit history and score. In fact, some individuals' credit scores may increase by as much as 200 points in just 30 days.
How fast can I add 100 points to my credit score? ›
For most people, increasing a credit score by 100 points in a month isn't going to happen. But if you pay your bills on time, eliminate your consumer debt, don't run large balances on your cards and maintain a mix of both consumer and secured borrowing, an increase in your credit could happen within months.
Should I pay off my credit card in full or leave a small balance? ›
It's a good idea to pay off your credit card balance in full whenever you're able. Carrying a monthly credit card balance can cost you in interest and increase your credit utilization rate, which is one factor used to calculate your credit scores.
What can I get approved for with a 600 credit score? ›
What Does a 600 Credit Score Get You?
| Type of Credit | Do You Qualify? |
|---|
| Unsecured Credit Card | YES |
| Home Loan | YES (FHA Loan) |
| Personal Loan | MAYBE |
| Auto Loan | MAYBE |
1 more rowHome loans
A 700 credit score is also good enough to buy a house. You can even find lenders that will consider you for higher-value homes requiring “jumbo” mortgages. Your credit score is one of many factors that determine mortgage interest rates.
You can borrow as much as $40,000 - $100,000+ with a 650 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
Will a bank give you a loan with 600 credit score? ›
Yes, you can get a personal loan with a 600 credit score — there are even lenders that specialize in offering fair credit personal loans. But keep in mind that if you have a credit score between 580 and 669, you'll generally be considered a “subprime” borrower — meaning lenders might see you as a more risky investment.
Can I get a loan with a 575 credit score? ›
With your credit score, pandemic or not, you won't qualify for any traditional loans. There are government-insured mortgages that might accommodate you, but there will be fewer lenders who can offer you these options.
Can I get a loan with a 584 credit score? ›
With your 584 credit score, lenders will generally consider you to be a higher-risk borrower. This means to get loan approval, you're likely to need strong qualifications when it comes to income, employment, and other debts.
