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Please call me (Jill) 412-732-9930 and I will personally help you understand the
information below.
YOU DO NOT NEED TO KNOW THIS INFORMATION BEFORE CALLING. This is just
for the curious.
LET ME DETERMINE FOR YOU IF YOU QUALIFY. Call Jill 412-732-9930
After speaking with me and together we determine if you might qualify, my
(now your) Mortgage Broker will pull your credit for FREE
The mortgage broker will select a mortgage lender especially for your and your
qualifications. My Mortgage Broker typically has over 200 Mortgage Lenders
that they are able to work with. Each Lender has different qualifications.
That is why we use a professional mortgage broker to find the best loan for you.
2 MAIN POINTS TO QUALIFYING
1. You must have decent credit to qualify.
To have the closing costs paid for you would need capital for 100% of the cost
of the house. Some Real Estate Investors (Not All) will hold what is
called a Seller's Second Mortgage, if you do not qualify for 100% mortgage.
The amount that a Mortgage Lender may give you is often based on these CREDIT
SCORES These scores are based on the middle score.
500 - 524 = 80%
525 - 539 = 85%
540 - 549 = 90%
550 - 565 = 95%
580 or more = 100%
JOINT BUYERS - If more than one person is buying a home the Mortgage Lenders
usually use the credit score of the higher income earner.
COSIGNERS - Any Cosigner must show that they can afford the additional
monthly payment.
2. Debt-to-Income. Your monthly debts should not exceed 55% of your gross
monthly income.
Typically if your gross monthly income is more than 3 times the amount of the
monthly mortgage payment, you should qualify.
There are often exceptions.
3. There are other points that are taken into consideration to qualify
BUT, even if some of these are poor, it still may be possible to qualify.
Rental History
Judgments/Liens
Past Due Child Support
Bankruptcy
SAMPLE WORKSHEET FOR DETERMINING DEBT RATIO
Click Here to for a Blank Printable Worksheet.
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