How do you calculate my Income?
If you are paid a salary and it is the exact same every pay period, then we use your current salary to determine your qualifications.
How do you calculate part time income?
Generally speaking, you will need a two year history of receiving part time income. It should be about the same over the two year period or trending slightly more in the most recent year. We then average over a two year time period to determine the monthly income that can be used toward your qualifications.
How do you calculate Bonus and Commissions?
Generally speaking, you will need a two year history of receiving bonus and commission. It should be about the same over the two year time period or trending slightly more in the most recent year. We then average over a two year time to determine the monthly income that can be used toward your qualifications.
What other income can be used to qualify for?
You may choose to have Social Security, other retirement income, Alimony, Child support and Public assistance considered when determining your qualifications. Generally speaking, all income used for calculating for a Mortgage loan should be expected to continue for at least two years and in some cases three years.
What is a Debt to Income Ratio?
“Debt to income Ratio” is the calculation used to determine how much of a monthly payment you will qualify for. We take the sum of all your monthly debts plus your new Mortgage Payment and divide that by your monthly income. That number should be less than 43%. Monthly debts include debts that show on your credit report, such as credit card payments, car payments, student loans etc. Things like car insurance, utility and cell phone bills are not counted. Please click the following link to calculate your Debt to Income Ratios”.
https://www.howmuchdoiqualifyfor.com/how-much-do-i-qualify-for-com
Have more Questions?
We encourage you to speak with a licensed Mortgage Loan Originator to determine what you qualify for and what is the best loan type for your particular situation. Please feel free to call us at 703-345-1330 or send an email to info@GraniteMortgages.com. We are happy to answer any questions you have.
Click here to chat live with us now. Monday through Friday 8:30 am EST to 5:30 pm EST.
How much cash do I need?
If you are member or former member of the armed services (A Veteran) and have enough service time accrued, you may qualify for a mortgage loan with No money down.
For non-Veterans we also offer loans with as little as 3% down payment.
Many first time home buyers and even second time home buyers ask the seller to pay some or all of their closing costs. This allows you to buy a new home with only enough cash for the down payment.
Click here to see how much cash you will need for the down payment and closing costs.
https://www.howmuchdoiqualifyfor.com/how-much-are-my-closing-costs
Can I get a gift?
Yes, you may get a gift from an immediate family member as long as it is a true gift and no repayments is expected from the relative. Your relative will need to sign the standard gift letter stating that the money is a gift, will be used for the purchase of a home and that no repayment is expected. The person giving the gift will also be required to provide proof that they have the funds available to give you the gift and then provide proof that the funds have been transferred to you from that exact source stated in the gift letter Please click here for a copy of the approved gift letter. GIFT LETTER.
Can I borrower money for the down payment and Closing Costs?
You can only borrower money for the purchase of a house if the money being borrowed is secured by a legitimate asset such as home, car or retirement account. You may not borrower money for the down payment or closing costs from a non-secured source such as a credit card or other line of credit.
Have more Questions?
We encourage you to speak with a licensed Mortgage Loan Originator to determine what you qualify for and what is the best loan type for your particular situation. Please feel free to call us at 703-345-1330 or send an email to info@GraniteMortgages.com. We are happy to answer any questions you have
Click here to chat live with us now. Monday through Friday 8:30 am EST to 5:30 pm EST.
How do I check my credit score?
We recommend downloading a free credit app tools from one of the three major credit bureaus.
Kredit Karma is a good one that allows you to check your credit score for free from both TransUnion and Equifax as often as you like without having any negative effect on your score. It’s a great way to monitor your score and see how different activities can affect your score. It also allows you to monitor for fraud.
What’s the minimum credit score I need to get a Mortgage Loan?
Generally, you need a minimum score of at least 600. In some cases, you may be able approved for a mortgage loan with a lower credit score if you have a larger down payment or if other circumstances such as a good job history or other positive factors.
Do I need to have a credit score to get a Mortgage Loan?
In most cases, yes. In some cases, we can establish a credit history through verifying that you have paid your rent and utilities on time over the last 24 months.
If you do not have any credit established, we recommend establishing credit. The, reason for this is because most Mortgage companies do not want to lend money to people who don’t have a history of managing credit at a lower amount. Mortgage companies prefer to see a history of making payments on time with other types of debt. The thought process is they want to see that you have shown responsibility to manage your debt on a smaller amount before moving on to something larger such as a mortgage loan.
We understand some people are hesitant to get into debt. One option is to open an account or two and then pay them off immediately.
Have more Questions?
We encourage you to speak with a licensed Mortgage Loan Originator to determine what you qualify for and what is the best loan type for your particular situation. Please feel free to call us at 703-345-1330 or send an email to info@GraniteMortgages.com. We are happy to answer any questions you have.
Click here to chat live with us now. Monday through Friday 8:30 am EST to 5:30 pm EST.
What types of Properties do you loan on?
We do mortgage loans on Single Family, Townhouse and condos. We do NOT Lend on Mobile Homes or Trailers.
Have more Questions?
We encourage you to speak with a licensed Mortgage Loan Originator to determine what you qualify for and what is the best loan type for your particular situation. Please feel free to call us at 703-345-1330 or send an email to info@GraniteMortgages.com. We are happy to answer any questions you have.
What documents do I need to provide you in order to be approved for a loan?
“Click here for a list of Documents need to approve your loan. MORTGAGE DOCUMENTS.
Have more Questions?
We encourage you to speak with a licensed Mortgage Loan Originator to determine what you qualify for and what is the best loan type for your particular situation. Please feel free to call us at 703-345-1330 or send an email to info@GraniteMortgages.com. We are happy to answer any questions you have.
Click here to chat live with us now. Monday through Friday 8:30 am EST to 5:30 pm EST.
Can I get a Mortgage Loan if I have had previously had a Foreclosure?
Yes. In most cases you can be approved for a new mortgage loan in between 24-36 months from the time your Foreclosure was discharged.
Can I get Mortgage Loan if I have previously declared Bankruptcy?
Yes. In most cases you can be approved for a new mortgage loan in between 12-24 months from the time your Bankruptcy was discharged.
Have more Questions?
We encourage you to speak with a licensed Mortgage Loan Originator to determine what you qualify for and what is the best loan type for your particular situation. Please feel free to call us at 703-345-1330 or send an email to info@GraniteMortgages.com. We are happy to answer any questions you have.
Click here to chat live with us now. Monday through Friday 8:30 am EST to 5:30 pm EST.
Choose Our Mortgage Lending Solutions
There’s no reason why you shouldn’t have the best possible home you can afford. Sadly, a lot of families don’t get the help they need from their mortgage lenders and are unable to get the home they really want. At How Much Do I Qualify For, we understand the challenges facing today’s families. For more than 30 years we’ve been a leading provider of home mortgage loans in Fairfax, VA, so we know what’s required to give you the kind of mortgage that can make owning the home of your dreams a reality.
Shopping for a new home can be a particularly stressful experience, but we want you to know that we’re here to help. Contact our team of professionals for mortgage home loan quotes and rates, and we can assist you in your quest to move into a new home.
Do you find yourself wondering, “How much do I qualify for on a mortgage loan?” Then check out our mortgage calculator today!
Mortgage lending is what we do best at How Much Do I Qualify For. Our seasoned experts in Fairfax, VA, are here to help you. Please feel free to contact our team via phone, email, or this website to schedule a consultation with one of our professional mortgage lenders.