There are 3 main elements to an underwriting approval when you are looking to buy a home. Those elements are Credit, Income, & Assets.
These are broken down by knowledgeable and informative loan officers Angelica Reid and Michael Iliff in a three-part C.I.A. discussion, clipped from Southpoint’s First-time Homebuyers Training Webinar.
First up, is the credit report. The credit report is a compilation of all of your previous and current credit accounts, and how well you pay them on time.