Mortgage Elegibility Critiria

Mortgage Eligibility Criteria

Before you apply for an Apex Lending mortgage or mortgage refinancing, we’d like you to be aware of the eligibility criteria. In addition to the information noted below, you must also meet our underwriting criteria to obtain a home loan from Apex Lending.  Loan eligibility depends on some additional factors, including your credit history, income, and employment status and history.

Qualification Requirements

• You are at least the age of majority in your state.
• You (or any co-borrower or co-signer) are a U.S. citizen, or an eligible permanent resident alien or non-permanent resident alien. Other restrictions and eligibility criteria apply to resident foreign applicants and non-permanent resident alien applicants.
• You are not financing an investment property.
• You are purchasing or refinancing a primary residence or second home in:

Alabama, Arizona, California, Colorado, Connecticut, Delaware, Washington, D.C., Florida, Georgia, Idaho, Illinois, Indiana, Maryland, Minnesota, Montana, New Jersey, North Carolina, North Dakota, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Vermont, Virginia, Washington, or Wyoming.

• The property you are purchasing or refinancing will be your primary residence or second home for at least 12 months.

Apex Lending does not currently originate or refinance mortgage loans in Alaska, Arkansas, Hawaii, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, New York, Ohio, Oklahoma, South Carolina, South Dakota, Utah, West Virginia, or Wisconsin.

FHA Mortgage Eligibility

The Federal Housing Authority has imposed a minimum requirement for eligibility for an FHA mortgage:

Down Payment – Down payment must be at least  3.5% of the home purchase price.

Credit Score – Credit score must be at least 580. If a credit score is 500 – 579, borrowers may still qualify with a 10% down payment.

Residence Requirement – The property must be the borrower’s primary residence for at least the first year.

Employment – Borrower must show steady employment for at least the past two years.

Mortgage Insurance – Borrower must pay a monthly mortgage insurance premium for the life of the loan. This amount will be 0.85% of the total loan amount.

Debt-to-Income Ratio – 2019 limits for debt-to-income ratios are 31% for housing-related debt, and 43% for total debt. There are some exceptions, so please speak to one of our specialists for further details.

VA Mortgage Eligibility

The VA has specific requirements for eligibility for a VA mortgage:

Certificate of Eligibility – Active military and veterans can apply for a COE online or by mailing in a form. The COE will verify that the veteran is eligible for a VA secured loan.

Down Payment – No down payment required.

Credit Score – VA loans do not have a minimum credit score required, but lenders may have their credit score requirements.

Residency Requirement – The property must be the borrower’s primary residence, with exceptions made for active military on deployment.

Income – While there is no income requirement, applicants will need to show sufficient financial assets to make mortgage payments.

Debt-to-Income Ratios – Debt-to-income ratios for VA loans are generally recommended to be a maximum of 41%, but there are exceptions. Speak to one of our qualified lenders for additional information.

USDA Mortgage Eligibility

USDA mortgages are meant to help low- to mid-income families in rural and suburban areas to achieve homeownership.

Down Payment – USDA loans do not require a down payment.

Credit Score – A minimum credit score of 640 is required by the USDA.

Residency Requirement – The property must be the borrower’s primary residence.

Income – USDA mortgages have different income requirements depending on family size and location.

Debt-to-Income Ratio – Maximum allowable debt-to-income ratio on a USDA loan is 41%. The USDA may allow some exceptions for specific cases.

Reverse Mortgage Eligibility

Age Requirement – Reverse mortgages are only eligible to borrowers over the age of 62.

Equity – Borrowers must have at least 50% equity in their homes.

Residency Requirement – The property must be the borrower’s primary residence.

Income, Credit Score, Debt-to-Income Ratio – These requirements will vary based on the borrower’s total financial assets and the lender’s policies.

State Licenses