How do you qualify for a home loan?

Conventional mortgages and government programs are the common options for a home loan. The conventional requirements are most stringent. A borrower must demonstrate financial viability, have acceptable credit score and make a 20 percent down payment.

1. Show adequate income

   A home loan application asks for asset, debt and income information. While lenders evaluate the complete picture of an applicant's financial health, they typically want to see a 38 percent debt-to-income ratio and a 28 percent mortgage-to-income ratio.

2. Achieve an acceptable credit score

   The lender runs a credit report after a person applies. A minimum score of 580 is required by most lenders as of 2014, though the higher the score, the better the rates.

3. Make a 20 percent down payment

   The standard down payment is 20 percent of the purchase price for a conventional loan.