What is necessary for a borrower to qualify for a mortgage?

To qualify for a mortgage, a verification of income and employment history is crucial because lenders need to ensure that the borrower has a stable source of income to repay the loan. This verification allows lenders to assess the borrower's ability to make monthly mortgage payments, which is a critical factor in their risk evaluation.

Having a consistent employment history demonstrates career stability, which is often viewed favorably by lenders. It provides evidence that the borrower is likely to continue earning an income. Alongside income verification, lenders may also look at other financial documentation, such as tax returns and bank statements, to gauge the borrower's overall financial health.

While a high credit score and low debt can contribute positively to a borrower's profile, it's not the only requirement. Additionally, ownership of other properties or a minimum net worth are not standard prerequisites for obtaining a mortgage. Instead, lenders focus primarily on the borrower’s income and their ability to manage monthly payments based on their current financial situation.