If you applied for a mortgage right this second, would you be approved? You always hear some pretty generic tips on being approved: have a good credit score, have a down payment saved up, be employed, etc. But, you never see the exact numbers. What credit score are they looking for, exactly? How much down payment do you need? How long should you be employed at the same place? If you are seeking specifics, this post by Winston Heverly at Active Rain will help:
-Have a FICO score of 620-640
-Minimum of 2 year employment
-5-20% down payment
-Recurring debt needs to be at or below 43% of gross monthly income.