Am I ready to buy a home?

Get a free 0–100 mortgage readiness score in 90 seconds. See your credit, DTI, down payment, and employment strength — plus which loan programs you actually qualify for. No credit pull.

Your situation

YOUR READINESS SCORE

75/ 100

Grade C

Workable

Based on credit, DTI, down payment, employment, and LTV. Lenders weight these factors similarly.

Sub-scores

CREDIT

88

DEBT-TO-INCOME

60

DTI 45.3%

DOWN PAYMENT

70

$40,000 (8.9%)

INCOME / EMPLOYMENT

95

Loan program eligibility

FHA

FHA needs 580+ score and 3.5% down on a primary residence.

ELIGIBLE

VA

VA requires eligible military service and primary occupancy.

NOT YET

USDA

USDA is 0% down in eligible rural areas with income limits.

NOT YET

Conventional

Conventional typically needs 620+ score and 3-5% down up to the conforming limit.

ELIGIBLE

Jumbo

Jumbo loans exceed the conforming limit and need stronger credit and reserves.

NOT YET

Recommended next steps

  • Reduce monthly debt or increase income to lower DTI below 43%.
  • Reaching 20% down removes PMI on conventional loans.
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Mortgage readiness, explained

Lenders evaluate every borrower on the same handful of variables: credit, debt-to-income, down payment, employment stability, and loan-to-value. The Mortgage Readiness Score rolls those into one 0–100 number so you know exactly where you stand — and what to fix — before you apply.

The five factors that decide your score

  • Credit (30%) — 740+ is elite, 680+ is strong, 620+ is conventional-eligible, 580+ is FHA territory.
  • DTI (25%) — Under 36% is excellent, 36–43% is solid, 43–50% is borderline.
  • Down payment (20%) — 20% removes PMI, 10% is comfortable, 3.5% qualifies FHA, 0% qualifies VA/USDA.
  • Income / employment (15%) — Two years of W-2 history is the gold standard.
  • LTV (10%) — Lower loan-to-value means lower risk and better pricing.

How to move your score in 90 days

  • Pay revolving credit card balances below 30% utilization — single biggest fast credit lift.
  • Don't apply for new credit cards or auto loans until after closing.
  • Document every dollar of recurring income — bonuses, overtime, side income with two years of history all count.
  • Build down payment in a separate, sourced account. Lenders need 60 days of seasoning.
  • Don't change jobs mid-application without your loan officer's blessing.

Readiness FAQs

What is a mortgage readiness score?

It's a 0–100 score that estimates how prepared you are to qualify for a mortgage today. It blends credit, debt-to-income ratio, down payment, employment, and loan-to-value into one number — similar to how lenders triage applications.

What credit score do I need to buy a home?

FHA loans accept 580+, VA loans accept 580+ (often 620+ in practice), conventional loans typically need 620+, and the best pricing kicks in at 740+. USDA programs generally want 640+.

What is a good debt-to-income (DTI) ratio?

Under 36% is excellent, 36–43% is solid, 43–50% is workable with compensating factors, and above 50% is usually a hard no for most conventional programs.

How much do I need for a down payment?

Conventional loans start at 3% down for first-time buyers, FHA at 3.5%, VA and USDA at 0%, and jumbo loans typically need 10–20%. Twenty percent down removes PMI on conventional loans.

Does the score affect my credit?

No. This tool runs entirely on the numbers you enter — no credit pull, no hard inquiry, no impact on your score.

How accurate is the readiness score?

It's a strong directional estimate. Final approval depends on lender overlays, property appraisal, employment verification, and reserves. A Bloomfield Lending advisor can confirm exactly what you'd qualify for.

What if my score is low?

The tool gives you specific, ordered recommendations — pay down debt, raise credit, build down payment, document employment — so you can move from a 60 to an 85 in months, not years.

Can I improve my score quickly?

Yes. Paying down credit card balances below 30% utilization can lift FICO 20–40 points in a single billing cycle. Disputing inaccurate collections, becoming an authorized user, and avoiding new inquiries also help fast.

Does employment type matter?

Yes. Two years of W-2 history is the gold standard. Self-employed and contractor income usually require two years of tax returns. Less than two years on a W-2 is workable but lowers the score.

What programs am I matched with?

The tool checks FHA, VA, USDA, conventional, and jumbo eligibility against your inputs. Each match comes with a plain-English reason explaining why you qualify — or what's blocking you.

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