Question One
Do you have at least $5,000 saved?
I use $5,000 as a starting point for our conversation. Having $7,000 to $10,000 gives you more breathing room, but your actual savings goal depends on the home price, financing, and available assistance.
Buying involves more than a down payment. You may also need money for earnest money, inspections, closing costs, moving, and a financial cushion after closing. Even $10,000 may not cover everything.
If your answer is no
We need to determine how much you actually need and how to build toward it.
Your next step
Let’s connect you with a lender to estimate your upfront costs and check your eligibility for down payment or closing cost assistance. Eligible gift funds and negotiated seller contributions may also help, depending on the loan.
Then set a manageable savings amount each payday. For example, saving $250 every two weeks adds up to $6,500 over 26 pay periods. Your plan should fit your life and leave room for emergencies.
Question Two
Is your credit score 620 or higher?
I use 620 as a preliminary benchmark. Some lenders can work with a score of 580 through FHA financing, subject to their requirements and the rest of your application. A score alone does not determine approval.
If your answer is no
You may still have options, or you may benefit from improving your credit before buying. Your score is a starting point, not a statement about your worth.
Your next step
Have a lender review the credit scores used for your mortgage application. These may differ from the score you see in an app.
Review your credit reports for errors, keep payments current, and work toward reducing credit card balances. Avoid applying for new credit during mortgage preparation unless your lender recommends it. Ask for guidance before paying collections or closing accounts so your actions support your specific application.
Question Three
Have you filed at least two years of tax returns?
This question helps us understand your income documentation and whether required filings are current.
However, two years of tax returns are not required for every mortgage applicant. Some employees can document income through pay stubs and W-2s. Self-employed buyers often need tax returns, with requirements varying by situation and loan program.
If your answer is no
We need to understand why. Missing returns you were required to file is different from not having been required to file.
Your next step
Ask the lender which documents your application requires. Gather your available W-2s, pay stubs, tax returns, and other income records.
If required returns are missing, work with a qualified tax professional to get current. If you owe taxes, tell your lender early so you can understand how that affects your application.
Question Four
Have you been at your current job for at least two years?
This question provides useful background, but you do not necessarily need two years with the same employer. Lenders evaluate your employment history and whether your income is stable and predictable. Changing jobs does not automatically prevent you from qualifying.
If your answer is no
You may already be in a position to move forward. A recent job change simply needs a closer look.
Your next step
Gather your employment history, recent pay stubs, and any offer letter. Explain job changes, employment gaps, or recent education and training to your lender. If your income includes commissions, overtime, bonuses, or self-employment, ask how much can be used to qualify.
Let’s Turn Your Answers Into a Plan
If you answered yes to all four questions, especially the first three, we have a promising starting point for a lender review. The lender still needs to evaluate your income, monthly debts, documentation, and ability to afford the payment.
If you answered no to one or more, our conversation still matters.
My role is to help you understand the process, connect you with the right professionals, and identify clear next steps. We can work toward a savings target, a credit goal, the documents you need, and a realistic time to check your progress.
