Do you need a four leaf clover to mortgage qualify?

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St Patrick journeyed to Ireland to change the way people thought, but needed a simple strategy to explain the concept of the Trinity.   One god made of three parts.  He used the clover to explain.

For you to have your own sanctuary, own your own home, the mortgage qualification answer you seek also comes with you being the sum of three parts:

  • Your income needs to be consistent and sufficient to make all your payments with money to spare, based on a lender's guidelines;
  • Your equity or down payment needs to be sufficient to meet the lender's guidelines;
  • Your credit history must show good repayment and long enough history to meet the lender's guidelines.

But, what if one of the leafs within this trinity is weak or non existant?

You need the luck of a four leaf clover!

  • Do you have a winning lottery ticket?
  • Do you have an inheritance coming in?
  • Do you have a "guardian angel"?

What is a guardian angle?

It is a co-applicant, co-signer, or guarantor who will add the additional qualification leaf you are missing.