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Are You a Qualified Buyer?


"For Sale" signs line the streets of many neighborhoods, with homes priced competitively in this buyer's market. You've heard it again and again: "Now's the time to buy!" There's just one catch – you have to qualify for the mortgage.

In a recent survey, more than 30% of potential homebuyers expressed concerns about their ability to qualify for a mortgage.* Truth be told, lenders are keeping guidelines tight to help ensure potential borrowers can afford the payments before approving loans. At SCCU, we have always been in the business of making loans that fit your budget. If you can afford it, we welcome the opportunity to help you finance it!

Preapproval Increases Buying Power

Getting preapproved for a loan allows you to shop with confidence in your price range. And when you're ready to buy, it adds credibility to your offer and increases your chances a seller will accept the offer. Here's an idea of what it takes to get approved in many cases:

10% down payment for a conventional mortgage. Most homebuyers (78%) are willing to make sacrifices to save for a down payment in order to buy a home in the current market.** See article on FHA loans for lower down payment options.

Mortgage payment equals 28% or less of your gross monthly income. Your total housing payment, including taxes and insurance, should not exceed that amount. An SCCU representative can help you do the calculations.

Good credit score. Your credit score is a measure of how well you've managed debt in the past. A good credit score is a sign of a responsible borrower – which improves your likelihood of qualifying for the best loan rates.

If you're ready to buy, now is the time to act. SCCU can work with you to determine how much home you can afford, and get you prequalified to shop in this buyer's market.

* Source: Trulia® Real Estate Search, "American Dream Survey"

** Source: MoveTM Inc., "Real Estate Market Expected to Improve with New President"

  • SCCU Routing Number: 263177903
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Space Coast Credit Union membership is open to all who work or live in Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie, or Volusia Counties in Florida.
*APR = Annual Percentage Rate. ^APY = Annual Percentage Yield.

  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All Other Areas: 800-447-7228

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