PREQUALIFICATION

 HOW MUCH CAN I BORROW OR AFFORD?

(Assuming your credit is typical and based on lender standard guidelines) 

1.  Household Employment Income:

  • Gross Monthly Paycheck:                                           $
  • Self Employment Income (if applicable):                     $
  • 2006 Profit from Schedule C (line29):                          $
  • 2006 Depreciation from Schedule C (line13):               $
  • 2005 Profit form Schedule C (line 29):                         $
  • 2005 Depreciation form Schedule C (line 13):              $

2. Other regular source of income (pensions, disability, alimony, child support) monthly

3.  Can you document your income through Paystubs, W2s or 1099s?

  • Yes/No

4.  Have you been steadily employed in the same line of work for the last two years?

  • Yes/No

5.  Please list monthly payments on the following:

  • 5a.  Car
  • 5b.  Student Loan:
  • 5c.  Credit Cards (exclude amount that you pay off)
  • 5d  Other

6.  How much you rate your credit (Excellent, Fair, Good, Bad)?   Check your FICO SCORE.

Fico scores are used in over 90% of mortgage decisions.   A good Fico score will score your a better  rate for a mortgage or refinancing.

7.  How much will you have in the following types of accounts:

Please note that the following accounts are used to calculate your down payment:

  • 7a.  Checking and Savings Accounts
  • 7b IRA's, Keogh's, 401K's (Retirement  accounts are calculated at 50% of face value)
  • 7c.  Stocks and Bonds, other than those listed on 7b
  • 7d:  Other (Real Estate equity):

8. Property Location:

9.  Property Type (Single Family House, Condominium, 1-4 units, TIC,Commercials, etc.):

10. When are you looking to buy?  ***

*** Market conditions change daily (Interest rate, lender guidelines) and your finance can changes (credit scores,job), so it is imperative that you requalify yourself at least monthly.