Determining a home-buying budget is an important step in starting your home search. Find out how much you may qualify for.
Estimated Annual Income
Minimum Monthly Debt Payments
Estimated Down Payment
Desired Interest Rate
You may qualify for a home up to:
Estimated Monthly Payment:
*Principle and interest payments only. Based on a conventional loan type. Based on percentage of down payment, PMI may be required. Not included in this estimate. Monthly loan payment does not include homeowner’s insurance or property taxes.
If you'd like to start your pre-qualification, send your info to a Homie Loans™ Pro now. Then, start shopping for homes in your projected price range!
You don’t need 20% down to buy a home.
You don't need a perfect credit score.
You don't need to be entirely debt free.
You don’t have to figure out your budget alone.
The total income you (and your co-buyer/borrower) take home each year before taxes.
How much you spend toward loans of all kinds, like credit cards, cars, or student loans. This will help determine how much you spend on other expenses per month and help assess what a healthy additional home payment expense could be.
This is a percentage calculated based on the two definitions above, your income and debts. In order to qualify for some types of loans, you need below a certain percentage of DTI. A loan officer from Homie Loans™ can help you figure out what kind of loan you might qualify for.
Your down payment is how much you plan to put down on the home you wish to buy from your pocket. You are not always required to have a certain percentage of the home’s value to put down, but it may affect the type of loan you get and it may add an additional cost to your monthly payments.
Conventional loans are some of the most common. They are not backed by the government, but they do adhere to the government standards for lending. They do require a certain percentage of DTI and downpayment to qualify.
FHA stands for Federal Housing Administration. They are a type of loan that is backed by the government. Typically lower-income borrowers qualify for and use these loans because they do not require as high of a credit score or down payment.
VA loans are backed by the Department of Veteran Affairs. They assist US veterans, active duty service members, and military families in buying a home. You don’t have to have a minimum credit score, and you don’t need a down payment.
USDA loans are a type of loan that requires no down payment and is meant for buyers moving into rural areas. These loans are backed by the United States Department of Agriculture. The DTI threshold is a bit higher than traditional loans.
Interest rates fluctuate federally, by loan type, and by loan company. There are two types: fixed or variable. Fixed rates are locked in at the time you get your home loan. It will remain the same throughout time or until you refinance. A variable rate will change as the rates change overall.
Homie Loans, LLC (“Homie Loans”), Investors Title Insurance Agency, Inc. d/b/a Homie Title (“Homie Title”), Daniel Eskelson Insurance Agency Inc. d/b/a Homie Insurance (“Homie Insurance”), and any of Homie Technology Inc.’s affiliated Real Estate Brokerages (Homie We’ve Got Your Back, LLC [Utah] and Homie LLC [Arizona], collectively “Homie”) have a business relationship in that all are owned by Homie Technology Inc., a Delaware Corporation, and that each may refer to you the services of another. Because of this relationship, the referral of a customer—including you—by any of these affiliated companies to another may provide Homie Technology Inc., Homie, Homie Loans, Homie Title, Homie Insurance, their affiliates, and/or their employees a financial or other benefit. You are NOT required to use either Homie Loans, Homie Title, Homie Insurance, or Homie. You may use them individually or together. By using Homie, Homie Loans, Homie Title, or Homie Insurance, you agree that your information may be shared between the two companies regarding the home buying or home selling transaction.
There are frequently other settlement service providers available with similar services. You are free to shop around to determine that you are receiving the best services and the best rate for these services.
Homie Loans™ launching in Las Vegas April 2020.