TOM & CYNDEE
BROWNER - CRS,
ABR, GRIQUAD CITIES REAL ESTATE WITH RE/MAX
SERVING THE ENTIRE IOWA AND ILLINOIS QUAD CITIES ............................................................
DAVENPORT - BETTENDORF - ROCK ISLAND - MOLINE AND SURROUNDING COMMUNITIES
TOM & CYNDEE
BROWNER - CRS,
ABR, GRI
BROKER OWNERS OF RE/MAX BI-STATE - SERVING IOWA & ILLINOIS
1-563-388-0008 Office - 1-563-388-0083 Fax - 1-866-388-0083 Toll Free - 1-563-570-7629 Cell - 355-1616 Home
Have a question? The answer is just a call or e-mail away. Contact us at tom&cyndee@quadcitiesrealestate.com
We are both Accredited Buyers Representatives (Certified Buyer's Agents) we know you want to make the best decision. You want the best home possible for your investment. We know the market, and we work at your pace and not ours. We will guide you through all the forms, take you through the first time buyer programs and/or financing, inspections and explain everything each step of the way. We take care of all the details and problems before they become a problem to you. Call us on our private line at 570-7629 at RE/MAX BI-STATE or Contact us at tom&cyndee@quadcitiesrealestate.com - LOOKING TO SELL? Check out the services an Certified Residential Specialist can mean to you.
BUYER SELF QUALIFY FOR A MORTGAGE
This is provided to assist Buyers to analyze their financial position as a typical bank would look at them. If you have any questions or would like to sit down and let us go over the numbers with you, or to suggest ways that you can maximize your income towards the purchase of a home. Call us at 332-9900 ext. 225. If you just have a question, e-mail me at tom@quadcitiesrealestate.com , I will be happy to answer your question.
Your information is always kept confidential, and we do not sell, exchange or disperse your personal information in any way. Names, address, phone numbers and e-mail address are kept in strict confidence.
The banks will all have to look at this information. By doing it now, you will know how the bank will generally look at you. By compiling the information now, you will be ready to meet with a lender to be pre-qualified before you begin your house search. Often people do not start, because they are afraid of the process. Believe me, we have put more home buyers into homes than the average agent, and no one has died yet. The process is relatively simple if you gather the information the bank will require ahead of time. They banks want to make the loan, but they must also follow government banking guidelines. If you fit the image, you have the house. If you are close, we can sometimes help you with lower interest rates or subtle debt adjustments to get you qualified for the home you want. The lender and the Realtor all want to make your dreams come true. Call us for an appointment today.
INCOME
Gross Salary less Overtime Buyer 1 --------------------- ________________ ----------------------------------------------------- Gross Salary less Overtime Buyer 2 --------------------- ________________ ----------------------------------------------------- Other Verifiable Income ------------------------------------- ________________ ---------------------------------------------------- Child Support - Court or Attorney Paid ------------------ ________________ ----------------------------------------------------- Disability, Social Security, other Payments ------------ ________________ ----------------------------------------------------- Investments ---------------------------------------------------- ________________ ----------------------------------------------------- Other Income -------------------------------------------------- ________________ -----------------------------------------------------
Total Gross Income ------------------------------------------ ________________ ------------------------------------------------------
BANKING GUIDELINES
----------------------------------------------------- CONVENTIONAL ---------------- FHA -------------------- VA ------------------- Home as percent of income ------------------------- 28% --------------------------- 41% -------------------- 41% ----------------- Income X home % allowed of income ------ __________ ----------------- __________ --------------- __________ ----------
Total Long Term Dept as % of income ---------- 36% --------------------------- 41% -------------------- 41% ----------------- Income X % = Allowed long term debt. ---- __________ ----------------- __________ --------------- __________ --------- (includes total home payment PITIM)*
STEP ONE - Multiply Gross Income by allowed percentage then divide by 12 to see monthly investment on home allowed. This is the maximum home payment allowed.
STEP TWO - Multiply Gross Income by allowed total long term debt percentage and divide by 12 to see monthly long term debt allowed. Subtract auto payments and other long term debts from long term debt allowed. Balance is balance allowed for home. In conventional loans, this should not exceed 28% of monthly income.
MONTHLY LONG TERM DEBT ANALYSIS
Auto Payment 1 ----------------------------------------------- _______________ ------------------------------------------------------- Auto Payment 2 ----------------------------------------------- _______________ ------------------------------------------------------- Auto Payment 3 ----------------------------------------------- _______________ ------------------------------------------------------- Boat Payment ------------------------------------------------- _______________ ------------------------------------------------------- Motorcycle Payment ---------------------------------------- _______________ ------------------------------------------------------- Snowmobile Payment ---------------------------------------- _______________ ------------------------------------------------------ Jet Ski Payment ---------------------------------------------- _______________ ------------------------------------------------------ Student Loan 1 Payment ----------------------------------- _______________ ------------------------------------------------------ Student Loan 2 Payment ----------------------------------- _______________ ------------------------------------------------------ Child Support ------------------------------------------------- _______________ ------------------------------------------------------- Alimony -------------------------------------------------------- _______________ ------------------------------------------------------- Signature Notes ---------------------------------------------- _______________ ------------------------------------------------------- Loan Co-Signs ----------------------------------------------- _______________ ------------------------------------------------------- Furniture Payments ---------------------------------------- _______________ ------------------------------------------------------- Charge Card Minimum Payment 1 --------------------- _______________ -------------------------------------------------------- Charge Card Minimum Payment 2 --------------------- _______________ -------------------------------------------------------- Charge Card Minimum Payment 3 --------------------- _______________ -------------------------------------------------------- Charge Card Minimum Payment 4 --------------------- _______________ -------------------------------------------------------- Charge Card Minimum Payment 5 --------------------- _______________ -------------------------------------------------------- Charge Card Minimum Payment 6 --------------------- _______________ -------------------------------------------------------- Charge Card Minimum Payment 7 --------------------- _______________ -------------------------------------------------------- Charge Card Minimum Payment 8 --------------------- _______________ -------------------------------------------------------- Charge Card Minimum Payment 9 --------------------- _______________ -------------------------------------------------------- Charge Card Minimum Payment 10 ------------------- _______________ -------------------------------------------------------- Other Long Term Debt ----------------------------------- _______________ ---------------------------------------------------------
Total Long Term Debt ------------------------------------ _______________ ---------------------------------------------------------
OTHER ITEMS THE BANK WILL WANT TO SEE
2 Years Income Tax Returns --------------------------------------------------------------------------------------------------------------- Last two years W-2's-------------------------------------------------------------------------------------------------------------------------- Last two Pay Stubs for each Job ----------------------------------------------------------------------------------------------------------- Social Security Numbers -------------------------------------------------------------------------------------------------------------------- Checking Account Numbers, Balances -------------------------------------------------------------------------------------------------- Savings Account Numbers and Balances ----------------------------------------------------------------------------------------------- Value of Savings Bonds --------------------------------------------------------------------------------------------------------------------- Value of 401 K or other Retirement Accounts, Name of company or holder of assets ------------------------------------- Value, Names and Quantities of Stocks, Bonds and other assets ---------------------------------------------------------------- Value of autos, general value of furniture, jewelry, collections or other assets ----------------------------------------------- Names and address of Employers
The name of lenders, charge cards and other liabilities from long term debts section above. The account numbers, minimum payments, balances and where you pay.
With this information you are ready to see a lender and be pre-qualified to find the home of your choice.
*P = Principle --- I = Interest --- T = Property Taxes --- I - Hazard Insurance --- M = Private Mortgage Insurance