INCOME- Input total GROSS (before tax) income of everyone who would be on the loan together, ie a married couple.
DEBT- Input total monthly debt payment amount for everyone who would be on the loan. A link to Credit Karma is provided and that can be accessed via soft pull to show monthly payment amounts if you are not sure. Just add it up and input.
DOWN PAYMENT- This just goes off a percentage. VA is only available for veterans, but anyone can choose the other options. Experiment with it and see what works best for you!
LOAN TERM- Currently just shows 15 and 30 year loans. Just used to breakdown monthly payment.
CREDIT PROFILE- A ROUGH idea of what your score is. This can be accessed via Credit Karma also, and is used to determine interest rate.
ZIP CODE- This is needed to determin 'Loan limits' on some programs in different counties. We track this behind the scenes.
Qualy uses a formula that calculates your 'debt to income' ratios based on the information you provide. It then works its way backwards to see what your MAXIMUM purchase amount would be. This is also cross checked by interest rate and debt to income ratio limits per program, along with per county limits in California. FInally it includes an estimate of taxes, insurance, and mortgage insurance where applicable. This should be considered an educational tool, and not seen as a real loan pre approval. Many other factors go into determining loan eligibility and requires a hard credit check and verification of debt and assets. I can do that for you too, and a link is on the home page, and in the menu at the top!
West Coast Lending Team
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