How Do You Qualify for a Mortgage?

Understand Credit, Income, and Other Requirements

To qualify for a mortgage, you must show that you can make your payments on time each month throughout the life of the loan.

At eCash Mortgage, we evaluate your credit score, income, debts, and overall financial picture when deciding on your mortgage approval. What does it take to qualify? Here are some key steps:

1. Buy an Affordable Home

To qualify for a mortgage, the home you choose should have a monthly payment you can afford. Your monthly mortgage payment includes the principal, interest, property taxes, homeowners insurance, and, if required, mortgage insurance.

Use our mortgage payment calculator to estimate how much you can afford and what your monthly payments might be.

2. Have a Qualifying, Minimum Credit Score

Different types of mortgages have different credit score requirements. At eCash Mortgage, we typically approve Conventional loans with a minimum credit score of 620. Other programs, lenders, and automated underwriting systems may apply different standards, so ask eCash Mortgage for the current requirement for your selected program.

Keep in mind, having a credit score higher than the minimum can increase your chances of approval and may also help you secure better rates and terms.

3. Demonstrate Steady Employment and Income

Lenders want to confirm that your income is stable, documented, and likely to continue. A job change does not automatically prevent qualification; the type of income, employment history, and any change in compensation affect how it is evaluated.

If you're self-employed, you can still qualify for a mortgage. However, you may need to provide additional documentation to demonstrate that your income is steady and expected to continue. Learn more about getting a mortgage when you're self-employed.

4. Have an Acceptable Amount of Debt

Mortgage lenders, including eCash Mortgage, want to ensure you can afford all of your monthly payments—not just your mortgage. This includes any student loans, car loans, or credit card debt.

We use your debts to calculate your debt-to-income ratio, which helps us determine whether you can comfortably manage your monthly payments and qualify for a mortgage.

5. Show Proof of Assets

Lenders may review eligible funds in bank, retirement, and investment accounts to verify your down payment, closing funds, and any required reserves. Not every asset can be used for closing, and some accounts have access or documentation restrictions.

6. Finance an Eligible Property Type

With a Conventional loan through eCash Mortgage, you can buy or refinance many types of properties, including primary residences, second homes, rental properties, and investment properties. FHA and VA loans are more specific, typically limiting you to buying or refinancing only your primary residence—the home where you live most of the time.

7. Make a Qualifying, Minimum Down Payment

Some eligible conventional purchase programs allow down payments as low as 3%; other transactions require more. FHA financing may allow 3.5% down for borrowers meeting the applicable credit and program requirements, while some borrowers need a larger down payment. The required amount depends on your loan, property, and eligibility.

✅ Your credit score and down payment are only part of the picture. Watch how FHA and conventional loan options can differ based on a borrower’s overall qualifications.

8. Have the Cash You Need to Close

You'll need enough verified funds for any required down payment, closing costs, and reserves after applicable credits or assistance. Some costs may be financed in eligible refinances. Your loan disclosures will show the estimated and final cash needed at closing.