(Written by Bob Ruth)
Each time I first sit down with a potential client, we discuss qualifying for a mortgage, and the 3 main aspects we use to determine whether a borrower can get financing: ability to repay the loan, willingness to repay the loan, and the collateral value of a house which is determined using an appraisal. Each of these is weighted equally and all 3 aspects determine the suitability of a borrower to obtain the financing to buy a property. This is essentially the foundation for buying a home.
You may be able to qualify for the payments and the house is sufficient collateral for the loan, but if you don't have good credit you may not be able to get the mortgage. This is also true if the appraisal is ok and your credit is good,