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