According to Rocket Mortgage to be considered for a residential property, banks use the following information to qualify buyers for mortgages:
Income
· Salary
· Military benefits and allowances
· Any extra income from a side hustle
· Alimony or child support payments
· Commissions
· Overtime
· Income from investment accounts
· Social Security payments
Assets
· Checking and savings accounts
· Certificates of deposit (CDs)
· Stocks, bonds and mutual funds
· IRAs, 401(k)s or any other retirement account you have
Credit Score
At lease between 500-620. Some banks will consider scores as low as 500 with additional money down.
Debt-to -Income Ratio (DTI)
DTI ratio is a percent that tells lenders how much of your gross monthly income goes to required bills every month.
Wells Fargo has a great Home Affordability Calculator that uses income and debt to give you a good estimate of how much home you can afford ( When calculating your monthly expenses, use the monthly amounts due that you see on your credit report only, except the mortgage of your current resident; exclude that).