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Call Archival Designs and allow our home plan specialists to find the perfect house plan that will make your family happy. Archival Designs will work within your budget to get you the best value and size home.
Building a new home is exciting and fun, but the most important part of the process starts in a lender’s office. Educating yourself is key, and there are several ways to help you get approved when applying for a new home mortgage loan. Think like a lender and prepare yourself on the best ways to get your new home approval:

Check Credit History
Credit history is a record of how a person replays debts. Future home buyers need to take a few minutes to pull their credit report and order credit scores. Credit reports give homeowners a greater understanding of whether their scores are high enough to qualify and where they may need improvement. Additionally, credit reports can highlight issues such as identity theft.

Credit scores and activity play a major role in mortgage approvals. New homeowners can improve low credit scores, or maintain high scores, by paying bills on time, lowering all debts, and consistently monitoring their credit report.

Lower Debt-to-Income Ratio
When applying for a new home mortgage loan, the lender will assess the home owner’s debt-to-income ratio. This ratio compares how much a person owes each month with how much they earn. Lenders can then gauge the buyer’s ability to afford a mortgage payment. Before submitting a loan application, buyers should reduce debt and avoid major purchases until after closing on the mortgage loan. This can include purchasing a new car, cosigning on someone’s loan, or financing new appliances.

Keep Employment Stability
Similar to credit history, a buyer’s employment history can play a large role in mortgage loan approval. Many lenders require proof of steady income and will request employment history for at least 2 years. Planning ahead and finding employment stability in the couple of years leading up to building a new house plan can help increases the chances of an approved loan.



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