Holicent
VIP Contributor
This is a question that comes up often. The short answer is: anyone who wants to get a home loan. I know this seems like a cop-out, but the point is that there are many people who don't really need a loan and can't get one solely on their own merits. These include:
People who are unable to get approved for a loan due to bad credit, or because they've had trouble paying their bills in the past.
People with poor or spotty credit histories who have been hit with multiple late payments or other negative information in their reports.
People with student loans in default, who haven't paid them back and can't afford to do so (and aren't eligible for an income-based repayment plan).
Home loans are made to borrowers who meet the minimum requirements of a lender. There is no such thing as "pre-approved" for a home loan. Pre-approval is what a lender offers to some potential homebuyers in order to get them to close on the deal and move forward with the process. The lender sends out an offer that includes details about the amount, conditions and other terms and conditions as well as a copy of your credit report.
This is not necessarily something that you should consider if you are just looking at buying a house or condo. You should be able to afford whatever price range or loan amount that you want without having anything in writing from a lender.
People who are unable to get approved for a loan due to bad credit, or because they've had trouble paying their bills in the past.
People with poor or spotty credit histories who have been hit with multiple late payments or other negative information in their reports.
People with student loans in default, who haven't paid them back and can't afford to do so (and aren't eligible for an income-based repayment plan).
Home loans are made to borrowers who meet the minimum requirements of a lender. There is no such thing as "pre-approved" for a home loan. Pre-approval is what a lender offers to some potential homebuyers in order to get them to close on the deal and move forward with the process. The lender sends out an offer that includes details about the amount, conditions and other terms and conditions as well as a copy of your credit report.
This is not necessarily something that you should consider if you are just looking at buying a house or condo. You should be able to afford whatever price range or loan amount that you want without having anything in writing from a lender.
