Qualify for a FRM? (fixed rate, interest, credit, rate)

[jabrondo18]

I'm doing a project for school and i've been reading up on the qualifications for conventional fixed rate mortgages versus for ARMs. I know that b/c the interest rate is going to be higher intially for FRMs more income is needed to qualify for an FRM than an ARM, but there was mention of higher property condition and other qualifications. I was wondering if someone could help me out as to what those other qualifications included, possibly even in relation to the qualifications for an ARM?

[ChipL]

Don't worry too much about it. The difference in rates between the two are not so broad that you can qualify for one and not the other.

As a general rule of thumb, the major points to keep in mind about qualifying for a mortgage are I.C.E:
Income - monthly gross income
Credit - score, payment history, total monthly debt load
Equity - refers to the property, i.e., cost and down payment, if any.