3 Basic Requirements to Qualify for a Home Loan

There are many requirements to qualify for a home loan, but it all starts with these 3 basics:

Employment: A 24-month work history is required. Time in college may be counted as part of the 24-month history.

Credit: A 2-year credit history with 3 active trade-lines. “Trade-lines” are lines of credit reporting on your credit report such as credit cards, car loans, and student loans.

Money: A minimum down payment and closing costs are required.


As always, exceptions to most rules in lending do exist. Yes, you can sometimes get away with less than a 24-month work history but MOST of the time you need 2 years on the job to show stability. If you’re returning to work after taking time off, a 2-year history is not generally required. Same goes for the credit history. One does not always need 3 active trade-lines for 2 years. For more specific questions, feel free to contact me anytime.

Fun Fact: Sellers, lenders, and agents are allowed to contribute towards your closing costs!