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Type of Mortgage and Terms of Loan. Property Information and Purpose of Loan. Personal Information. Employment Information. Monthly Income and Combined Housing Expenses. Assets and Liabilities. Details of Transaction. Declarations.

A mortgage application denial can be crushing, and can happen for various reasons, including a poor credit score, no credit history, too much existing debt or an insufficient down payment.

Although mortgage underwriters do look at a variety of different information when determining loan qualifications, it ultimately comes down to four things: credit, equity, income and assets.

For conventional loans in Texas, you'll likely need to have a credit score of at least between 620 and 640. Borrowers that have higher credit scores might even enjoy lower interest rates and a smaller down payment requirement.

In fact, just a 3.5% down payment is expected when you get one of these loans. For reference, a conventional mortgage typically calls for a 20% down payment. The 3.5% down payment only applies to applicants who have a FICO® credit score of 580 or higher.

A mortgage application requires extensive information including the property being considered for purchase, the borrower's financial situation and employment history, and more. Lenders use the information in the application to decide whether or not to approve the loan.

Acceptable credit rating: at least a 580 (660 for manufactured homes) FICO score. Have a minimum 3.5% down payment which can be provided as a gift from a friend or family member. The ability to repay the mortgage as set forth by HUD guidelines.

Check Your Credit Report. Lenders review your credit report a detailed report of your credit history to determine whether you qualify for a loan and at what rate. Fix Any Mistakes. Improve Your Credit Score. Lower Your Debt-to-Income Ratio. Go Large with Your Down Payment.

Acceptable credit rating: at least a 580 (660 for manufactured homes) FICO score. Have a minimum 3.5% down payment which can be provided as a gift from a friend or family member.

Texas Mortgage

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