Because of the recent problems in the mortgage insdustry, here are the minimum requirements in order for you to be approved for a home. On a credit report the lender will look for any late payments, public records, etc. and of course a fico score. Do not be late on any of your accounts, Your monthly payments can only be at 33% of your income. So if you make $ 2,400.00 per month than your payment can not exceed $ 800.00 which includes monthly payment, insurance, proeprty tax. You have to have a minimum of 5% down in cash ($ 5,000.00 for every $ 100,000.00), the last two years of tax returns & W2's, if self employed the last few years, last 2 motnsh of paycheck stubs, satted income is not allowed-in other words you can not state that you make this amount of money without paycheck stubs or approved documentation., bank or credit union statements that show you have the money in the bank for the down payment and closing costs, you also need money for the closing costs unless the seller of the proeprty is will to do it for you.