All Forum Posts by: Jason Walker

@Jason Walker

Where are you starting from Jason.  I think most of the time people want to find an overall GC to handle a project Turnkey, this really gets a lot of people into trouble.  If you're not knowledgeable enough to know when to bring in your framer, your electrician, your finishing crew, and negotiate what you need to with them and hold them to account, then be prepared to be taken for a ride.

Other than that to answer your original question, the key is to get references that can speak to their abilities and integrity.  

10/23/2019  Jason - I would suggest  getting several local  referals  to specific loan officers  and  contacting them  with your  questions ...you will have muck  more luck  with this strategy  versus  dealing with the " 1 800 lender " ...I would also  recommend that you complete a formal pre approval ( its free ) for whatever scenario  you are wanting to  proceed with ...by doing this  you will have  knowledge of the #s /  your scores /  and also most importantly the knowledge you are approved for whatever loan amount you want / need...good luck 

The amount that you can be qualified for depends on many things. Things like, what your credit score is, income, current debt ratio, type of loan your are wanting, how much down payment you have?

To make it simple, just concentrate on a max. of 50% of your current income as the total debt you are allowed to have. Income X 50% minus existing monthly debts that would show up on a credit report = amount your monthly payment can be? If you know how much your payment can be and keeping you at no more than a 50% debt ratio, you are most of the way there.

Once you know what the payment can be, you back out things like taxes, insurance, Mortgage Insurance, HOA dues if any to get down to what your max. PI or principal and interest payment can be. Once you have that, use any mortgage calculator online to then determine what the max. loan amount can be with that PI payment based on whatever interest rate is available at that time.

Clear as mud? I hope that helps, without confusing you. 

Any loan officer within minutes of receiving details from you can tell you your max. A credit report didn't actually need to be pulled to get that info. out to you. Call a local Mortgage Lender, you will be better served with them versus the online companies.