s, or other statements that show the borrower has had the funds for some time. However, lenders do allow borrowers to leverage their equity from another property to make their down payment.

Before a lender can qualify you for a mortgage, they will always ask to see certain financial documents. If you really want to impress the lender, you should have the documents put together before he or she asks for them.

To create an impressive loan package, you'll want to start it off with a cover letter. This letter will let the lender know who you are, why you are requesting fina

Typically, the process of obtaining a mortgage loan through a conventional lender takes 30 to 45 days to complete, but it can be shorter depending on the type of financing, the lender and the type of property being financed.

Loan qualification is based on the following:

Property Appraisal: Lenders require that an appraisal of the property is done to ensure that they are not lending more than the property is worth. This protects their ability to recapture the funds that they lent during a resale of the property if they were to take back the property due to borrower default.

Property Condition: Certain loans require that the property be in good repair. Some lenders will require that certain things be repaired on a property prior to approving it for loan qualification.

Borrower's credit history: The lender will pull a credit report on the borrower to review his credit history and determine the amount of risk they will be taking in lending to him.

Borrower's employment history: Lenders typically want to see that a borrower has been in his field of work for the last two consecutive years. This doesn’t mean the borrower needs to have been employed at the same job the last two years, just in the same field. If you do not have this employment history consistency, immediately disclose this to the loan officer so that he can look for programs that may not be as strict.

Borrower's debt-to-income ratio: One of the factors that a lender is going to consider in evaluating your ability to qualify for a loan is known as your monthly debt-to-income or DTI ratio. Debt is considered any obligation that appears on your consumer credit report. There are two ratios that the lender will look at: the first ratio includes all of your monthly debt but does not include the monthly payment for the loan that you are applying for divided by your monthly income. The second ratio is the same equation but includes the monthly payment for the loan you are applying for. These ratios cannot exceed the percentage allowed by the applicable loan program.

Borrowers’ down payment: Lenders do not usually allow your down payment to be borrowed. They want to see that the borrower has provided the funds themselves. The lender will require proof of down payment funds usually through three months worth of bank statements, or other statements that show the borrower has had the funds for some time. However, lenders do allow borrowers to leverage their equity from another property to make their down payment.

Before a lender can qualify you for a mortgage, they will always ask to see certain financial documents. If you really want to impress the lender, you should have the documents put together before he or she asks for them.

To create an impressive loan package, you'll want to start it off with a cover letter. This letter will let the lender know who you are, why you are requesting finan

o borrower default.

Property Condition: Certain loans require that the property be in good repair. Some lenders will require that certain things be repaired on a property prior to approving it for loan qualification.

Borrower's credit history: The lender will pull a credit report on the borrower to review his credit history and determine the amount of risk they will be taking in lending to him.

Borrower's employment history: Lenders typically want to see that a borrower has been in his field of work for the last two consecutive years. This doesn’t mean the borrower needs to have been employed at the same job the last two years, just in the same field. If you do not have this employment history consistency, immediately disclose this to the loan officer so that he can look for programs that may not be as strict.

Borrower's debt-to-income ratio: One of the factors that a lender is going to consider in evaluating your ability to qualify for a loan is known as your monthly debt-to-income or DTI ratio. Debt is considered any obligation that appears on your consumer credit report. There are two ratios that the lender will look at: the first ratio includes all of your monthly debt but does not include the monthly payment for the loan that you are applying for divided by your monthly income. The second ratio is the same equation but includes the monthly payment for the loan you are applying for. These ratios cannot exceed the percentage allowed by the applicable loan program.

Borrowers’ down payment: Lenders do not usually allow your down payment to be borrowed. They want to see that the borrower has provided the funds themselves. The lender will require proof of down payment funds usually through three months worth of bank statements, or other statements that show the borrower has had the funds for some time. However, lenders do allow borrowers to leverage their equity from another property to make their down payment.

Before a lender can qualify you for a mortgage, they will always ask to see certain financial documents. If you really want to impress the lender, you should have the documents put together before he or she asks for them.

To create an impressive loan package, you'll want to start it off with a cover letter. This letter will let the lender know who you are, why you are requesting fina

mean the borrower needs to have been employed at the same job the last two years, just in the same field. If you do not have this employment history consistency, immediately disclose this to the loan officer so that he can look for programs that may not be as strict.

Borrower's debt-to-income ratio: One of the factors that a lender is going to consider in evaluating your ability to qualify for a loan is known as your monthly debt-to-income or DTI ratio. Debt is considered any obligation that appears on your consumer credit report. There are two ratios that the lender will look at: the first ratio includes all of your monthly debt but does not include the monthly payment for the loan that you are applying for divided by your monthly income. The second ratio is the same equation but includes the monthly payment for the loan you are applying for. These ratios cannot exceed the percentage allowed by the applicable loan program.

Borrowers’ down payment: Lenders do not usually allow your down payment to be borrowed. They want to see that the borrower has provided the funds themselves. The lender will require proof of down payment funds usually through three months worth of bank statements, or other statements that show the borrower has had the funds for some time. However, lenders do allow borrowers to leverage their equity from another property to make their down payment.

Before a lender can qualify you for a mortgage, they will always ask to see certain financial documents. If you really want to impress the lender, you should have the documents put together before he or she asks for them.

To create an impressive loan package, you'll want to start it off with a cover letter. This letter will let the lender know who you are, why you are requesting fina

tio includes all of your monthly debt but does not include the monthly payment for the loan that you are applying for divided by your monthly income. The second ratio is the same equation but includes the monthly payment for the loan you are applying for. These ratios cannot exceed the percentage allowed by the applicable loan program.

Borrowers’ down payment: Lenders do not usually allow your down payment to be borrowed. They want to see that the borrower has provided the funds themselves. The lender will require proof of down payment funds usually through three months worth of bank statements, or other statements that show the borrower has had the funds for some time. However, lenders do allow borrowers to leverage their equity from another property to make their down payment.

Before a lender can qualify you for a mortgage, they will always ask to see certain financial documents. If you really want to impress the lender, you should have the documents put together before he or she asks for them.

To create an impressive loan package, you'll want to start it off with a cover letter. This letter will let the lender know who you are, why you are requesting fina

s, or other statements that show the borrower has had the funds for some time. However, lenders do allow borrowers to leverage their equity from another property to make their down payment.

Before a lender can qualify you for a mortgage, they will always ask to see certain financial documents. If you really want to impress the lender, you should have the documents put together before he or she asks for them.

To create an impressive loan package, you'll want to start it off with a cover letter. This letter will let the lender know who you are, why you are requesting financing, and why you have chosen to use them to obtain it — compliment them. In this cover letter, you should also give a brief description of the property, how many units it has, whether you intend to occupy it or not, and its purchase price. The last thing you'll want to include in the cover letter is the type of financing you need: what LTV you need, what kind of payment schedule you prefer (interest only or amortized), whether you'll be going full doc or stated income, if you are interested in a fixed interest rate or an adjustable-rate mortgage and how long of term you would like. If you are not sure what type of financing would be best for you, give the lender as much information on your plans for the property as possible — if you plan to hold the property or sell it shortly, etc. A good loan officer should be able to assist you.

The next page should be a table of contents of everything included in the package. You should include a Balance Sheet listing your assets, liabilities and income. Include a brief employment history for the past two years, stating the name of the company you work for, your position, your wages, your employer's name and phone number and how long you have been employed at that particular job and in that field of work. Include a copy of your credit report no more than 60 days old, copies of three months' bank statements, a copy of your most recent pay stub, copies of your last two years’ W2s and copies of your last two years’ tax returns. If you are going on stated income, then you won't need all of this information, but it is a good idea to have it organized and ready just in case. Your loan package will change with different properties and through time, but having all of this information ready will not only better prepare you for the loan process, but it will impress the lender and speed up the loan process.