• Every mortgage has certain requirements.mortgage image by hans slegers from Fotolia.com
  
  For a borrower to qualify for a new mortgage, he must meet certain requirements. These requirements vary by lender and the mortgage program chosen, but each has a few minimum requirements. If a borrower is aware of these requirements, he may be able to determine before applying if he qualifies for the loan.
  
  

Down Payment

• Most mortgages have a down payment requirement. A conventional mortgage requires a minimum down payment of 5 percent of the purchase price. A Federal Housing Administration mortgage requires a minimum down payment of 3.5 percent. U.S. Department of Agriculture and Veterans Affairs mortgages do not require a minimum down payment and are the only 100 percent mortgage options on the market.
  
  

Credit Score and Report

• To qualify for a mortgage, a borrower must have a credit score and meet a minimum number, depending on the mortgage. With a conventional mortgage, the borrower must have a minimum credit score of 620. For government mortgages, such as FHA, VA and USDA mortgages, a borrower must have a minimum credit score of 580. Also, the borrower's credit report must not reflect any negative items, such as bankruptcies, liens, collections or judgments. Each must be paid in full prior to the mortgage closing.
  
  

Debt-to-Income Ratio

• A borrower must meet a debt-to-income ratio to qualify for a mortgage. In most cases, a borrower must have a ratio of 36 percent. This means that debt payments should not be more than 36 percent of the borrower's pretax monthly income. To calculate your debt-to-income ratio, divide your total monthly debt payments into your total monthly pretax income.