In-house Financing Exclusively For HiLine Homes Customers
For many people, building a home is the single biggest investment they will make in a lifetime. The so-called "right time" is different for everyone. Before making a decision to buy a home, ask your HiLine Homes consultant to help you answer the following questions.
Can You Qualify For A Mortgage?
The best way to determine if you qualify for a mortgage, is to figure out your debt-to-income ratio. As an example, if a loan program uses a 28/36 qualifying ratio, it means the homebuyer is allowed to spend no more than 28% of his or her gross income on monthly mortgage payments and no more than 36% on total debt. Total debt includes car and school loans, credit cards, child support and alimony. More specifically, if an individual earns $50,000 per year, his or her monthly gross income is $4,167. Under the 28/36 guidelines, that person’s maximum monthly mortgage payment should not exceed $1,167. While his or her total monthly debt should not exceed $1,500.
How Much Home Can You Afford
Commonly paid in cash, down payments are based on a percentage of the home’s selling price and are due at closing. If you are able to make a down payment of 20% or more, you can save money — between $20 to more than $100 a month — and avoid the cost of mortgage insurance. If you don’t have 20% to put down on a home, remember that there are other options out there. Many affordable mortgage programs exist, including a few that require little or no down payment. Additionally, zero down payment sweat equity programs are still available exclusively for HiLine Homes customers.
How’s Your Credit?
All lenders require a credit report that contains personal financial information such as loan payment information, bank and credit card accounts, and more. You are able to obtain a copy of yours by contacting any one of the credit bureaus throughout the United States.
Whether you’re building your first home, a second home or a vacation home, finding out how much house you can afford is the first step – and HiLine Homes is ready to help with custom home building services. Complete our pre-qualification form and a new home consultant will contact you by the next business day.
In-House financing plans available through HiLine Homes on approved credit (OAC). Special terms and conditions may apply.
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