Your credit score is based on information collected by credit bureaus from your creditors, which is then compared to millions of other consumers to determine your creditworthiness. 

Some of the things that affect your credit score include your payment history, your outstanding obligations, the length of time you have had an account, the types of credit you use, and the number of inquiries about your credit history in the recent past.

Using credit scores to evaluate your credit history allows us to quickly and objectively evaluate your credit history when reviewing your loan application. However, there are many other factors when making a loan decision. We will never evaluate an application without looking at your total financial picture.

Yes, you can borrow funds to use as your down payment! However, any loans that you take out must be secured by an asset that you own. If you own something of value that you could borrow funds against, such as a car or another home, it's a perfectly acceptable source of funds. (If you are planning on obtaining a loan, make sure to include the details of this loan in the Expenses section of the application.)

Yes, provided you can document at least one, and sometimes two, full years of net income from your employment. Generally, we ask for copies of your personal (and business, if applicable) federal tax returns. 

We won't be able to consider any income that hasn't been reported as such on your tax returns.

If you’ll be working for the same employer, all you need to do is update the income you’ll be receiving in your new position. 

If you’ll be working for a new employer, complete the application as if this were your current employer and indicate that you have been there for one month. The information about the employment you'll be leaving should be entered as a previous employer. We'll sort out the details after you submit your loan for approval.

Changing employers frequently is typically not a hindrance to obtaining a new mortgage loan, especially if you’ve made those changes without periods of unemployment between positions. 

One potential exception: If you're paid on a commission basis, a recent job change can make it difficult to predict your future earnings with that employer.