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    Are you looking to purchase a new home or investment property?

    If you’re like most people, you’ll need to take out a home loan to finance your purchase. But what if you’re not sure you’ll qualify for the amount you need?

    In this article, we’ll give you some tips on how to get approved for a higher home loan. By following these tips, you can increase your chances of being approved for the loan amount you need.

    So if you’re ready to learn more about how to get approved for a higher home loan, read on.

    Try to improve your credit score

    Many factors go into getting a mortgage, and one of them is your credit score. A higher credit score will usually get you a lower interest rate, which can save you thousands of dollars over the life of your loan, not to mention possibly increasing the loan amount.

    So if you’re looking to get a higher mortgage, one of the best things you can do is work on improving your credit score.

    There are several things you can do to improve your credit score, and we’ve outlined a few of them below. If you follow these tips, you should see a noticeable improvement in your credit score over time.

    • Pay your bills on time: This is one of the most important things you can do to improve your credit score. Payment history makes up 35% of your credit score, so it’s crucial that you always pay your bills on time.
    • Setting up automatic payments or reminders can help ensure that you never miss a payment.
    • Keep your balances low: The amount you owe on your credit accounts makes up 30% of your credit score. Keeping your balances low, especially on credit cards, can help improve your score. Aim to use no more than 30% of your available credit.
    • Check your credit report regularly: Errors on your credit report can negatively impact your credit score. Make sure to check your credit report at least once a year to ensure that all information is accurate. You can get a free copy of your credit report from each of the three major credit bureaus once a year at
    • Don’t apply for too much credit at once: Each time you apply for credit, it can have a small negative impact on your credit score. Avoid applying for too many loans or credit cards at once, and try to space out your applications.
    • Keep old accounts open: The length of your credit history makes up 15% of your credit score. Keeping old accounts open, even if you’re not using them, can help improve your score.

    Get a co-signer

    If you’re having trouble qualifying for a higher mortgage loan on your own, you may want to consider finding a co-signer. A co-signer is someone who agrees to sign the loan with you and is equally responsible for making the monthly payments. Having a co-signer with good credit can help you qualify for a loan that you might not have been able to get on your own.

    Of course, finding a co-signer is not always easy, and there are some risks involved. If you default on the loan, your co-signer’s credit will be affected as well. So it’s important to make sure you can really afford the loan before you ask someone to co-sign for you.

    Do some research and talk to a few lenders before you decide. Getting a higher mortgage loan is a big help.

    But it’s important to consider the long-term financial implications and make sure that you can comfortably make the monthly payments with or without a co-signer. Additionally, make sure to choose a co-signer who understands the responsibility they are taking on and who has the financial means to handle the risk. It’s essential to communicate with your co-signer throughout the process and keep them updated on your progress in making payments.

    Overall, having a co-signer can be a useful tool in getting a higher mortgage loan, but it should be approached with caution and careful consideration.

    Look into government programs

    The government offers several programs that can help you get a larger mortgage. The most common program is the Federal Housing Administration (FHA) loan. This program is for people who have low credit scores or who can’t afford a large down payment. If you qualify, you can get a loan with a down payment as low as 3.5%.

    Other programs include the Veterans Affairs (VA) loan, which is for veterans and active-duty service members, and the United States Department of Agriculture (USDA) loan, which is for people who want to buy a home in a rural area.

    If you’re not sure if you qualify for any of these programs, talk to your mortgage lender. They can help you figure out which programs you might be eligible for.

    Consider a jumbo loan

    Getting a jumbo loan can help you finance a higher mortgage amount and purchase your dream home. If you’re looking to apply for a jumbo loan, there are a few things you need to know.

    In most counties, the maximum conforming loan limit amount for a single-family property increased to $726,200 in 2023.

    This is the amount that the Federal Housing Finance Agency (FHFA) has determined is the maximum loan amount that is conforming to the rules of the National Housing Act. If you want to buy a home that is more than this limit, you may need to get a jumbo loan.

    Most jumbo loans are complex, so people are hesitant to get them. But at Embrace Home Loans®, we made our own jumbo loans that have very competitive rates and are underwritten in-house to our own guidelines. Plus, we have a variety of terms to choose from.

    How much home can you afford today? Use our handy mortgage calculator and find out.

    Buy down those high “market” interest rates

    With interest rates on the rise, naturally the amount of house people can buy is decreasing. But what if you could get an initial rate that’s lower than the market rate? You may even be able to qualify for a larger loan as your monthly payments will be lower and perhaps provide more qualifying room.

    The Deflate the Rate program from Embrace Home Loans is a good example, as it allows you to get a reduced payment for the first few years of your mortgage. It helps reduce your monthly payments for the first few years or save interest during the life of the buydown. Putting more money upfront into savings will also help you build equity sooner for a potential refinance later.  

    To wrap things up

    In conclusion, there are a few things you can do to try to get approved for a higher home loan. First, make sure your credit score is as high as possible. Second, try to have a down payment of at least 20%.

    Finally, speak to a lending professional who can help you review your options. By following these steps, you’ll be in a better position to get approved for the loan you need.

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