Getting Pre-Qualified to Buy a Home in Stafford
How does a buyer get pre-qualified?
What is the difference in Pre-qualified and Pre-approved?
Pre-qualified means that a mortgage company has review a credit report and the prospective buyer
is qualified for a mortgage loan based on the credit score, income and sufficient money to close.
Pre-approved means that the home buyers has made a full loan application and that the lender
has verified the credit worthiness, income and money to close and the only thing left is the
appraisal.
HOW MUCH HOUSE CAN I QUALIFY TO BUY? |
|||||
|---|---|---|---|---|---|
Monthly Gross Income |
Average Monthly Debt |
Maximum Mortgage Payment | Monthly Taxes and Insurance |
@6% Interest Rate |
@5% Interest Rate |
4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 16,000 17,000 18,000 19,000 20,000 |
320 400 480 560 640 720 800 880 960 1,040 1,120 1,200 1,280 1,360 1,440 1,520 1,600 |
1,200 1,500 1,800 2,100 2,400 2,700 3,000 3,300 3,600 3,900 4,200 4,500 4,800 5,100 5,400 5,700 6,000 |
200 250 300 350 400 450 500 550 600 650 700 750 800 850 900 950 1,000 |
$166,000 $208,500 $250,000 $292.000 $333,500 $375,000 $417,000 $459,000 $500,000 $542,000 $584,000 $625,500 $667,000 $709,000 $792,000 $834,000 |
$186,000 $233,000 $279,500 $326,000 $372,500 $419,000 $465,700 $512,000 $559,000 $605,000 $652,000 $698,000 $745,000 $791,500 $838,000 $885,000 $932,000 |
Take the train. Good prices and lovely new homes.
A part of the Homefinders.com Network
