Different Financing Options
Different financing options have different qualifying ratios. Most are based on your gross monthly income. Conventional financing usually has ratios of 28% of your gross monthly income for your new mortgage, which must include taxes and insurance's. (i.e. PITI - principle, interest, taxes and insurance)
If you have other revolving debt (i.e. car payment, credit cards, etc.) then you must take 36% and submit the monthly payment total from your gross monthly income to determine what you can actually qualify for in a monthly mortgage payment. (Example: monthly debt 14% from 36% = 22% for PITI payment)
FHA and VA loans use 29/41%.
Non-conforming loans can be as much as 50% and more.
Sound Confusing? Call me and I will put you in touch with one of our mortgage teams . It will be worth a few minutes to first see what you can afford!
No matter what your financial standing - we should be able to help you find a home that satisfies your needs.
No Doc Self-employed
100% Conventional Financing (no PMI)
They will take care of financing costs
Home to Home:
Close on your new home without selling your existing home if you have the needed equity. "I use this a lot!"FHA:
It's not necessary to have perfect credit
Can have higher ratios
Employment stability, not length, is consideredVA:
Eligible veterans can get 100% financing.First Time Homebuyer Plans:
Down payment assistance (if you qualify)
Reduced interest rate
100% Financing (with excellent credit)
No Credit - not a problem if you now rent and pay on time.Non-Conforming Programs:
Credit problems and the need for higher ratios.Nehemiah and America Dream Home Programs:
Can get you in your new home for as little as 1% total investment and that may not be spent in the final resultLand Contracts:
Also an option
Call me TODAY! Let me put you in touch with one of my financing specialist. It only takes a few minutes to be qualified.
*Qualifications and financing vary and may not apply
*FHA 41%, Conventional 29% - monthly gross income available for mortgage payment
*FHA 3%, Convientional 5% required for down payment
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