Do I Qualify?
Call us now to get Pre-Qualified at 714-444-2727
Before seriously looking for a home, you will need to get ‘Pre-Qualified’ with a licensed loan officer. Showing up to an open house with a Pre-Qualification Letter will ensure the listing agent identifies you as a serious buyer. It may be discouraging stepping into a home you love but realizing later that the monthly housing expense exceeds your budget.
To qualify for a mortgage, lenders typically require that you have a debt-to-income (DTI) ratio of “31/43.” The simple calculation is your ‘Monthly Debt Payments’ divided by your ‘Monthly Gross Income’ meaning that no more than 31% of your total monthly income (from all sources, before taxes) can go toward your new mortgage payment, and no more than 43% of your monthly income can go toward your total monthly debt (including your mortgage payment). There may be exceptions to exceeding these DTI factors if they are supported by ‘Compensating Factors’ such as: showing proof of seasoned cash reserves in a bank account, a showing a low loan-to-value (LTV) ratio, and having established more than five (5) years of employment with the same employer. Other loan programs may also allow for higher DTI ratios under the VA and FHA loans but are decided on a case by case basis. Please contact one of our loan specialists for more information.
What Information Do I Need to Provide?
Mortgage Home Purchase Loans, no Hassle!
Choosing a purchase loan program that matches up with your financial goals & budget ensuring a favorable rate & payment doesn’t have to be stressful!
To get an brief estimate of what you may qualify for, you’ll need to provide your credit score, your estimated monthly gross income, and estimated monthly debt payments that appear on your credit report. A few of the most common monthly debt payments may include credit card payments, car payments, student loans, mortgage, etc.
One of our licensed loan professionals will explain the different loan programs to help you make the best decision on which loan program fits your needs, whether you’re a first-time homebuyer or one seeking to buy an investment property.
What’s the Process?
Here’s the standard Home Purchase Loan Process:
Complete a Pre-Qualification assessment over the phone with your designated licensed loan re
Receive customized options based on your specific criteria and scenario
Compare a variety of mortgage rates, payments, and loan terms
Choose the program that best fits your needs
Submit required income supporting documentation for review if necessary
Receive a Pre-Qualification Letter based specific to the loan term you choose
Have your designated licensed loan officer (LO) connect with your buyer agent (Realtor) so they can open up a line of communication to correspond throughout the process