The amount of money required to purchase your home will vary
depending upon the method of financing you use and the sales price
of the property you qualify for. These questions can be most easily
answered through a pre-qualification done over the telephone with
one of our Loan Specialists and takes just 15 minutes. Or,
if you prefer, we can pre-qualify you within 24 hours from the
time we receive your application
At Applied Wholesale Mortgage, you could qualify to purchase
your new home with as little as 5% down! Generally,
qualifying factors are:
- Income sufficient to support monthly payments
- Sufficient cash to cover the downpayment, normal closing costs
and related expenses
- A sufficient credit report and payment history
- Appraisal value. The loan amount is based on the lesser of
the purchase price or appraised value. If the appraised value
is lower than the purchase price, your monthly payment may reflect
that difference
- One month’s cash reserves are required for high LTV (loan
to value) loans and while not always required for other types
of loans, cash reserves equal to two monthly mortgage payments
are always a positive offset to the buyer as it indicates a
borrower’s ability to manage finances and build a financial
cushion.
To get more information particular to your needs and financial
situation, call one of our Loan Specialists to arrange an interview
to find out just how much you will need and how we can help you
purchase the home of your dreams!
