Rate Yourself for an A Rating

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Answer the following questions to see how likely you are to be seen as an A borrower by an underwriter. The following quiz does not qualify you-only an underwriter can do that.
Further, the questions are only approximations. For example, if you put less than 20% down but have good reserves, you may still get the mortgage. Other factors also apply, such as your FICO score. To find out if you actually do qualify for an A loan, check with a mortgage broker or other lender.

YES NO

[ ] [ ] 1. Are you putting at least 20% down?

[ ] [ ] 2. Will the total loans be no more than 80% of the purchase price
( in case you have a second mortgage)?

[ ] [ ] 3. Is your monthly income at least three and a half times your total monthly
payment? 

[ ] [ ] 4. Do you have little or no outstanding debt running six months or longer? 

[ ] [ ] 5. Do you have enough cash in reserve so that after paying the down payment and all closing costs you will have at least 3 months’ of expenses in savings? 

[ ] [ ] 6. Do you work for an employer (not self-employed)? 

[ ] [ ] 7. Have you been caught up in all your credit card and installment debt 
payments for at least 2 years?

[ ] [ ] 8. Do you have no trade lines in collection within the last 5 years?

[ ] [ ] 9. Have you had no bankruptcy within at least the last 5 years?

[ ] [ ] 10. Do you have at least, but no more than, three trade lines (credit cards)?

[ ] [ ] 11. Have you had no more than 3 credit checks within the past 6 months? 

[ ] [ ] 12. Are your credit cards balances no more than half of your total credit line?

[ ] [ ] 13. Have you had no foreclosure within at least the past ten years?

[ ] [ ] 14. Is your oldest trade line (installment or credit card) at least 2 years old?


[ ] [ ] 15. Are your current housing expenses roughly equivalent to your new     housing expenses ? 

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