Our House: Home Buying - WBRC FOX6 News - Birmingham, AL

Our House: Home Buying

(Source: WBRC Video) (Source: WBRC Video)

America's First Federal Credit Union provides pointers on setting up your finances to buy a house.
How do I qualify for a Mortgage Loan?

  • Be prepared to make a down payment. Save! Save! Save!
  • Prove a stable income.
  • Your monthly mortgage payments and monthly non-mortgage payments should not exceed 45% of your monthly gross income.
  • Have a good credit score.
  • Example: Many lenders require a minimum FICO credit score of 620 to obtain approval.

Things to Remember to: 

  • Get Pre-Approved!
  • Speak with at least a few mortgage professionals and lenders. Each lender offers different rates, terms and fees.
  • Do business with your local Credit Union - Credit Unions are member owned.
  • Ask questions!
  • Make sure to ask your loan officer about options that are available to you.

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