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Do you Qualify?

USE THIS CHART TO SEE IF YOU QUALIFY FOR A BANK TYPE MORTGAGE (the numbers on the Chart represent the payment per month on $1,000)

* PLEASE NOTE THAT YOU NEED MIN. 5% OF THE PURCHASE PRICE AS A CASH DOWN PAYMENT.

Steps:

1. Add your COMBINED MONTHLY INCOME (before Taxes) ex. $6,000 Total Monthly Income
2. Take the result in 1) above and divide that by 3 (this gives you the monthly payment calculated you can afford)
   Ex. $6,000 /3= $2,000 a month max. payments
3. Subtract the down payment from the Purchase Price
   Ex. $300,000 Purchase -$15,000 Deposit= $285,000 Mortgage
4. Check the Mortgage Payment Chart. Find Interest Rate you expect to pay and Amortization Period you prefer.
   Ex. 3.75% with 25 Year Amortization is $5.13 per $1,000
5. Take the Chart number and Multiply it by the Mortgage Amount Needed
   Ex. $285,000 Mortgage Needed from 3) above x 5.13 from 4) above = $1,462.05 (which is what the Monthly Payment will be before Taxes and estimated Heat)
6. Take the Monthly Payment in 5) above and add $100 which is estimated heating cost monthly plus Realty Taxes -to calculate your expected Gross Monthly Payment
   Ex. Monthly payment in 5) above $1,462.05 + $100 Heat + $200 Taxes (at $2,400 Year/12 month) = 1,762.05 Gross Monthly Payment Calculation
7. If your Gross Monthly Income in 2 above is greater than your Gross Monthly Payment in 6) above you should be approved.
   Ex. figure in 2) above is $2,000 and the figure in 6) above is $1,762.05

**KEEP IN MIND THAT APPROVAL FOR A BANK QUALIFIED TYPE MORTGAGE IS NOT JUST BASED ON THE ABOVE BUT ON OTHER FACTORS SUCH AS YOUR CREDIT HISTORY/SCORE AND EMPLOYMENT INFORMATION

***SAVERS MORTGAGE APPROVES "EQUITY ONLY" PRIVATE LENDER MORTGAGES DESPITE ANY INCOME, ANY CREDIT, PAST BANKRUPTCY, NEW TO THE COUNTRY (NO CREDIT REPORT) ETC. BUT 20% DOWN PAYMENT IS NECESSARY. (EX. $250,000 Purchase needs $50,000 Cash Down Payment)