| Purchase Price | $80,000.00 | | Credit Score (Minimum) | 700 | | Minimum Monthly Income Requirement | 2,615.00 | Down Payment
(3.5% Minimum) | 4,000.00 | | Closing Costs | 2,350.00 | Taxes & Insurance
(pre-paids) | 3,600.00 | | Total Cost | 9,950.00 | | Seller can pay up to 6% of sale price towards your costs | (2,400.00) | | Cash Needed To Close | 7,550.00 | Mortgage Payment
(5.1% Interest Rate) | 414.00 | | Taxes & Insurance | 320.00 | | Total Monthly Payment | 734.00 |
It's now cheeper to own then rent !!!
| Purchase Price | $120,000.00 | | Credit Score (Minimum) | 700 | | Minimum Monthly Income Requirement | 3,500.00 | | Down Payment | 6,000.00 | | Closing Costs | 2,300.00 | Taxes & Insurance
(pre-paids) | 3,800.00 | | Total Cost | 12,100.00 | | Seller can pay up to 3% of sale price towards your costs | (3,600.00) | | Cash Needed To Close | 8,500.00 | Mortgage Payment
(5.1% Interest Rate) | 630.00 | | Taxes & Insurance | 350.00 | | Total Monthly Payment | 980.00 |
| Purchase Price | $150,000.00 | | Credit Score (Minimum) | 700 | | Minimum Monthly Income Requirement | 4,150.00 | | Down Payment | 7,500.00 | | Closing Costs | 2,350.00 | Taxes & Insurance
(pre-paids) | 3,900.00 | | Total Cost | 13,750.00 | | Seller can pay up to 3% of sale price towards your costs | (4,500.00) | | Cash Needed To Close | 9,250.00 | Mortgage Payment
(5.1% Interest Rate) | 790.00 | | Taxes & Insurance | 375.00 | | Total Monthly Payment | 1,165.00 |
| A conventional mortgage is any loan that is not insured by FHA or guaranteed by VA
Many people are sometimes confused and even misinformed on what the terms Conventional, Conforming, and Non-Conforming really mean. It is important that you understand the difference. What it's all about Conforming Mortgage
A conforming mortgage is a loan that meets strict standards concerning loan amount, down payment, income, credit history and property condition. The benefit of qualifying for a conforming loan is that the interest rate is lower. However, currently the FHA interest rate is lower then a Conforming Mortgage.
Non-Conforming Mortgage
Non-Conforming Mortgage are those that do not fit into these strict standards and of course they have slightly higher if not much higher interest rates and down payment requirements.
What you need to qualify
Owner occupancy
This must be the buyers primary residence.
Loan types available
Fixed rate 30 year, fixed rate 15 year.
Income
Must be able to document enough income that your debt to income ratios do not exceed 28% (front end) / 36% (back end).
Mortgage debt to income ratios are the calculations underwriters use to determine whether a borrower can qualify for a mortgage.
There are two calculations. The first or (front end) ratio is your housing expense-to income. This is to say your proposed mortgage payment (principle, interest, taxes and insurance) divided by your gross monthly income. This can not exceed 28 % of your gross monthly income.
The second or (back end) ratio is your total monthly obligations including your new mortgage payment (principal, interest, taxes and insurance) divided by your gross monthly income. This can not exceed 36% of your gross monthly income.
Example: Monthly Income $3,500.00, your new mortgage payment with taxes and insurance is $1,000.00. 1,000 Divided by 3,500 = 28%. So far so good for the front end ratio. You can qualify for a 1,000.00 monthly payment. Now we have to add your other monthly obligations like car payments and credit cards.
Example: Month Income $3,500.00, your new mortgage payment with taxes and insurance is $1,000.00 and your other monthly bills which we will say is 250.00 per month. 1,250 Divided by 3,500 = 35%.
You did not exceed the front or back end ratio so you qualify for a $1,000.00 monthly mortgage, taxes and insurance payment.
Down Payment
Minimum 5% of sale price.
Maximum loan amount
(Wayne County) no limit
Property types
Single family residences, townhomes, planned unit development homes, condos.
Credit Score
Minimum score of 640-700 but you would be required to pay a higher interest rate and your closing cost would be more. A credit score of 700 or higher would get you a lower interest rate.
Past bankrupties or foreclosures
24 months since discharge of any bankrupties; 36 months since any foreclosure.
Eligibility
All borrowers must demonstrate 2 years of employment history.
Mortgage Insurance
If you put down less than 20% mortgage insurance would be required.
Seller concessions
Seller can pay up to 3% of the sales price toward your mortgage closing costs. Also, the seller can waive tax prorations which could make your total out of pocket expense very little.
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