What factors determine my eligibility for a mortgage?

Several factors determine your eligibility for a mortgage. Firstly, your credit score plays a crucial role as it reflects your creditworthiness and financial history. A higher score typically leads to more favorable mortgage terms. Additionally, your income and employment stability are crucial considerations, as they determine your ability to make consistent mortgage payments. Lenders assess your debt-to-income ratio, evaluating your monthly debts compared to your income. A lower ratio shows stronger financial stability. Moreover, a substantial down payment is advantageous, as it lowers the loan amount and can improve your eligibility. Finally, your chosen property's appraisal value and the loan-to-value ratio influence eligibility too. Meeting these criteria improves your likelihood of qualifying for a mortgage with Wells Fargo Home Mortgages.