• Qualifying Ratios-Mortgage payments (including principal, interest, property taxes and property insurance) should be no more than 36% of the applicant’s gross monthly income. Total monthly debts (including credit cards, auto loans, student loans, etc.) should be no more than 48% of the applicant’s monthly income. A Shore Mortgage income calculator can help you determine how much income you will need to qualify.
• Credit- Credit scores above 640 generally qualify for the automated application process. Lower scores may be processed manually, including an interview with the applicant.
• Appraisal- Appraisals are a requirement of most loan products. An appraisal warrants the value of your home or purchase price on the subject property. Typically costs for an appraisal range from $450.00-$500.00 depending on loan program. Costs may also vary by location. The property must be appraised with consideration given to all sales concessions (including discount points, origination fees, interest rate buy downs, closing cost assistance, payment of condominium fees, builder incentives, down payment assistance, etc.).
• Bankruptcy- Applicants who are still paying on a Chapter 13 Bankruptcy may be eligible after one year. Applicants who are still paying on a Chapter 7 Bankruptcy may be eligible after two years.
• Foreclosure- Those who have recently gone through a foreclosure are ineligible until after three years from the foreclosure date. In addition, the applicant must have re-established good credit, have all civil judgments paid off, and have no remaining delinquencies on federal debts, such as taxes and student loans.
• Employment- Must be employed or able to show steady income for a full 2 year period.

Before applying for a loan, be aware of the loan limit in your area. FHA guidelines specify how much can be financed based on geographic location. See the Department of Housing and Urban
Development website for more information. Additional conditions may apply.

• Call 855-SHORE-55 to see which loan is right for you.
• Find a licensed loan officer in your state by browsing our Loan Officer Directory!
• Compare your options with our Mortgage Calculators!