Buying a home is an extensive process with many steps and moving parts. Whatever your level of knowledge, Primera is here to help you every step of the way. We'll give you the tools you need to make informed decisions during the home-buying process.
Based on the income, debts and assets that you report to the lender, you will receive a rough estimate of what you can borrow
Lender will pull your credit history, verify income and assets in order to assess your financial situation
Second level review provided by Primera's Underwriting Team
When a lender is looking at your application and your ability to repay your loan, one of the main factors that are being assessed are your mortgage ratios. There are two types of ratios:
Is the calculation done to determine what portion of your income goes towards paying your mortgage. Mortgage repayment includes principal, interest, property taxes, home owner insurance, home owner association and mortgage insurance (if applicable).
Is also called the debt to income ratio (DTI). This is the calculation that is done to assess your mortgage payment plus any other monthly debt payments which include auto loans, student loans, lines of credit, alimony and child support payments, etc.
An FHA home loan is a type of government-backed mortgage that will allow you to buy a home with a lower credit score, lower down payment and higher debt to income ratio.
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