If your really serious about buying a home, one of the first steps to take is to get pre-qualified for a loan.  This allows you and your Realtor to know exactly what price range to be shopping in.  There’s nothing worse than spinning your wheels and looking at houses that you can’t buy.  The banks are tougher than ever on qualifying people for loans so make sure you keep these things in mind when trying to qualify for a loan:

*Have a steady employment history with stead pay or better yet,  pay increases.

*Credit Report should be in good standing.  Remember, you can get a free report each year.

*If you’ve been through bankruptcy it must be over two years old and you must have 2 consecutive years of good credit.

*Any foreclosure must be at least 3 years old with good credit for the past 3 years.

*A good guide to follow is make sure your monthly payment is approximately 30% of your gross income.

So after you get a pre-qualification letter, find a great Realtor to help you find that perfect house.  Happy house hunting.

See the link to read the full article. http://realtytimes.com/rtpages/20100308_prequalify.htm