You'll need to meet a list of qualifications with any type of home loan you apply for. Home loan lenders want to make sure they're going to get their funds back before lending money to a potential customer. There are a number of key qualifications that lenders will access to find out if you'll need to qualify for a mortgage loan.

One of the major qualifications is credit history.  What's your credit score? Do you have any accounts that are presently in default or have you had late payments on any other loans or accounts during the past twelve months?

What's the amount of outstanding revolving credit (credit card balances)? They use credit checks to evaluate the likeliness that you'll be able to pay the loan back on time.

All these variables plays a factor in determining if you get a loan and what interest rate you get. Bad credit can result in the denial of a loan or getting a high interest rate because the lender sees you as a risky investment.

The other major qualification is employment.  Are you presently employed? They find out how long you've worked, how stable your current job and income are. Your employment information to evaluate your ability to pay off the loan.

Someone who displays a record of numerous job changes with short durations and periods of unemployment between each is judged as someone who is unlikely to have the funds to pay back the loan. Whereas someone who has been steadily employed with their current job for several years and makes a set income shows the ability to make monthly payments on time.

To help expedite your loan process faster it would be helpful to have documents ready such as pay stubs, verification of employment and length of employment. Be prepared by checking your credit report ahead of time to make sure that you've taken care of any delinquent accounts or things that might cause problems and that everything is correct on your credit report.