Thinking about buying a home? Before you start house hunting, it’s important to understand how lenders determine whether you qualify for a mortgage — and what kind of loan you’ll be approved for. Knowing what goes into the approval process can help you avoid surprises, strengthen your application, and ultimately put you in a better position to buy the home you want.

At Tidewater Mortgage Services, we’re here to guide you every step of the way. Here’s a breakdown of the key factor’s lenders consider when reviewing your mortgage application — and how to get a head start on the process.

Credit Score & Credit History

Your credit score is one of the first things lenders look at — it tells us how well you’ve managed debt in the past. But we don’t just look at the number. Your credit history of payments, types of credit used, and any late payments or collections also matter.

• A higher credit score generally means better loan options and interest rates.
• Don’t worry if your score isn’t perfect — we offer a variety of loan programs for a wide range of credit profiles.
• If you’re unsure of your score, a soft credit pre-check (with no impact to your credit) can give you a starting point.

Income, Employment & Job Stability

We want to make sure you have consistent income to support your monthly mortgage payments. Lenders typically look at:

• Your gross monthly income (before taxes)
• Job history and stability — a steady job history of at least 2 years is ideal
• Types of income: W-2, self-employed, commissions, bonuses, etc.

Tip: If you’re self-employed or recently changed jobs, we can still work with you — we just might need additional documentation to verify your income.

Assets & Debt-to-Income (DTI) Ratio

Lenders evaluate your overall financial picture, including your assets and existing debt. This helps determine how much house you can realistically afford.

• Assets include savings, checking, retirement accounts, and gift funds
• DTI ratio is the percentage of your monthly income that goes toward debts (like student loans, car payments, and credit cards)
• A lower DTI means you’re in a stronger position to qualify

We’ll also verify that you have enough funds for your down payment and closing costs — but don’t worry, there are low down payment programs available, especially for first-time homebuyers.

Ready to See Where You Stand?

Applying for a mortgage doesn’t have to be overwhelming. At Tidewater Mortgage Services, we offer a free soft credit pull and pre-check so you can see where you stand without impacting your credit. Whether you’re ready to buy now or just starting to explore your options, we’re here to help you make confident, informed decisions.

Reach out today to get started with a quick pre-check — no pressure, no commitment, just helpful guidance.