All the best,
Prepared for: Sample buyer
Address: Clay County
The information on this estimated buyer qualification is deemed reliable, but is not guaranteed. The
actual costs with respect to each transaction will vary depending on the circumstances.
Gross Monthly Income $1,850.00
Appropriate Percent for Mortgage 29.00%
Max PITI * $536.50
Appropriate Amt for Total Debt (37.00)% $684.50
Total Monthly Long Term Debt $148.00
Max PITI * $536.50
Maximum PITI (lower of above) $536.50
Monthly Real Estate Taxes $100.00
Monthly Homeowner Ins $30.00
Monthly PMI $0.00
Monthly HOA $0.00
Estimated Max Principal & Interest $406.50
Annual Interest Rate 7.125 %
Loan Period 30 years
Estimated Maximum Mortgage Amount $60,333.14
* Principal Interest, Taxes, & Insurance
Presented By: Jim Walker 1st American Realty
When I do something like that my point is hey the consumer asked a question. I'll give him a straight answer and then say it is only an opinion or an estimate or a guess. What the consumer is not asking for is excuses from us as to why we won't answer his question. If the consumer actually read the buyer qual, he might realize what information a loan officer will need to give him more accurate information.
The questions are kind of oddly put, it is as if he has found two different houses one for $180,000 and one for $60,000. He didn't ask how much of a loan can I qualify for with XXX income. and XXXX debts.
Might be that he is shy about disclosing his income even though a consumer can be somewhat anonymous on the internet.
Jim gave you the amateur "junior mortgage executive" answer--which was very accurate, detailed and humorous. Don's ballpark percentages gave you an almost similar result. But Pam's answer was actually the most accurate... There are too many variables to consider. You should contact a mortgage professional to "pre-qualify" you. Ask friends, family, or your REALTOR for referrals to find a good one. Best of luck and happy hunting!