There are four major factors that will determine your mortgage approval when buying and the interest rate you will be paying.

The first major factor is income. Have you had continuous employment for the last twenty four months and if so how much have you averaged per hour? Remember to keep your base salary separate from over-time and bonuses because lenders view those very differently because they are not stable and reliable enough to merit the same weight as salary.

High Income Earners - Just because you make $150,000 per year does not mean you are not hourly. Take a look at your paystub and you will find that your employer graciously took the time to break it down for you.

Self-Employed - All the hard work you and your tax professional put into minimizing your tax liability could really hurt you. Here is why: lenders look at your net income for the tax year not your gross income. Meaning if your half a million dollar a year business deducted every possible penny you could and only showed you with a net of twenty five thousand dollars for the tax year, then that is all lenders can use to qualify you for a mortgage. A paltry twenty five thousand dollars. I know, I know, it is not right, but that is the way it is in Mortgageville.

The second major factor is credit. Does your credit reports reflect steady payment history and the ability to manage your finances or does it show a person who rarely pays bills on time? Lenders want to see at least a 620middle credit score.

The third major factor is loan-to-value (LTV). Are you looking to essentially finance every single penny that you can or are you putting a sizable down payment? Lenders are limiting their financing to about 97%for first-time homebuyers in the current economy. If the purchase price is $250,000 and you have $7,500 for a down payment and closing costs then you’re borrowing $242,500. That means that you have a 97% LTV. EXAMPLE: $250,000 purchase price – $7,500 down payment = $242,500 $242,500 / $250,000 = .97 or 97% LTV.

The fourth major factor is rental payment history. Can you prove you’ve been paying your rent on time that last twenty four months? This can be easily shown by receipts and check stubs. If not then you are viewed as more of a credit risk.

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Did you know that rental property grants can help real estate investors get the financing they need to buy rental properties and multifamily units? This is free money that that is provided by the government to assist investors and help them close more deals. It’s a secret that most real estate investors don’t know about, and those who do tend to not want to share this information.

The government provides many different kinds of real estate grants for investors because they are a major player when it comes to a stable housing market. By providing rental property grants, the government can assist these investors who are capable of flipping or renting out properties, but don’t have the capital for a down payment or other closing costs.

Once an investor obtains rental property grants, they may be able to receive these funds over and over again. And because these are not loans, applying for this free government money does not require a credit check, a cosigner or any kind of collateral. This is cash that is provided to the investor from the government and never has to be paid back.

Of course the government is not just going to hand this money out to any person that applies for free grant money. There is an application process, and they’ll want to see the deal that you are working on and how you plan to make money from it. As long as the numbers check out and you meet the qualifications, you’ll have cash in hand to complete the deal.

Instantly access to the database to claim your real estate grants. See how much you can qualify to receive and obtain your check in as little as 7 days just by asking for free grant money

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