Qualifying Calculator
Disclaimer: The calculator above is for information purposes only, it in no way intends to be a mortgage service, you must consult a professional mortgage originator to qualify for a loan and each individuals situation determines the interest rate available.
On the side of the blue box calculations we need for our home loan determination we figured that approximately 21.5% of the monthly payment is going towards Taxes and Insurance. Please note that tax rates, insurance rates will vary We did not include HOA fees.
This calculation is based on a 30 year term.
Qualifying
To start our program, you must qualify to participate. It is very important that we can demonstrate to our Property Sellers that you can settle on the home you are leasing in under two years, preferably in less than one. Occasionally, we will make exceptions but we must get permission on an individual basis if the criteria is different than our standard.
It is important to note, if you are someone who "rents" and thinks it's a good idea to earn credit towards a purchase but you are not sure if you are really going to work at this every day, every month, every quarter to earn yourself the opportunity to own your home.. then, this is not the program for you.
We begin our program by accepting your information on our forms, everything you provide us must be backed up by paperwork at time of agreement.
Your credit score must be an average of the 3 credit companies over 500.
No liens or judgements - unless you can demonstrate that they can be paid off.
Bankruptcies must be dismissed and at least 1 year old with the proof that it was paid or the payment program is within completion.
Foreclosure must be dismissed for at least 2 years.
Shortsale must be dismissed and a plan for the remaining debt that will allow qualification for a mortgage.
Income qualifying ratio for monthly payment up to 30-33% of your verifiable gross monthly income.
Debt ratio of 43-45% (the monthly debt combined with your new monthly home payment) can be obtained within the lease terms.
You can show that your bills can be current on a monthly basis as soon as you enter our program.
As noted above, we will make exceptions on a case by case basis, but it is critical that you have the understanding that you must demonstrate the "desire and show the commitment" to own one of our homes to succeed in our environment.
