top of page

Not quite ready to buy? We've created some worksheets, and links to resources that can help you prepare.

RESOURCES:

First time home buyers                         

     1Roof  homebuyer classes
     Minnesota Homebuyer Education Programs 
 

Veterans or active military           
   
 Qualifying for a VA loan 

Bankruptcy  

    Learn  why bankruptcy might affect your mortgage loan.

Disability    
     
Learn about programs that might be helpful.

Credit Score Information                      

    Get a Free Credit Score Check        

Debt Counseling: 

   Lutheran Social Service 

   Community Action 

* These worksheets are NOT required for application.  They are just tools to help you get a clearer financial picture.

INCOME WORKSHEET:

 

Your annual Income before taxes:                              $_______________

Co-applicant’s annual Income before taxes:            $_______________

All other household annual income                            $_______________

 

TOTAL HOUSEHOLD INCOME                           $_______________*

(Total income defined as the total gross income received by
ALL members of a household within a 12-month period.)

 

What is your total household size?                                 ______________

Household Area Median Income (AMI):  (View AMI Chart below) 

            ☐ ≤ 60% AMI.   ☐ 60-80% AMI.   ☐ 80-100% AMI.   ☐ 100-115% AMI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage pre-qualification letter. In addition to meeting our income guidelines, we will ask that you provide GNDH with a mortgage pre-qualification letter.  A pre-qualification or pre-approval letter is a document from a lender stating that the lender is tentatively willing to lend to you, up to a certain loan amount. This document is based on certain assumptions and it is not a guaranteed loan offer.  

 

A few of the mortgage lenders we highly recommend are listed above.

INCOME Worksheet.jpg
AMI Chart

03

AFFORDABILITY WORKSHEET:

To help determine what your household can afford for monthly mortgage payment: 

 

TOTAL HOUSEHOLD INCOME     $ ______________ 

Divided by 12 (months)     =                  $ ______________
x .30 (30%) =                                          $_______________*

 

*Our policy is that a GNDH homebuyer's housing expenses (including your mortgage payment and associated taxes and insurance) must be no more than 30% of your total Household Income at time of purchase.

YOUR CURRENT BILLS

 

What is your current mortgage or rent payment?         $_______________

 

How much do you currently pay for utilities per month? 

Electric                                      $_______________        

Gas                                             $_______________

Water                                         $_______________

Other                                         $_______________

TOTAL                                       $_______________

 

TOTAL current Mortgage/Rent + total utilities            $_______________

What are your debts?* 

Credit Card(s) balance           $_______________

Educational Loan(s)                $_______________

Vehicle Loan(s)                        $_______________

Boat or ATV Loan(s)               $_______________

Child care                                  $_______________

Other Loan(s) or Debt(s)       $_______________

TOTAL                                                                                 $_______________

 

*Eliminating debt will improve your chances of qualifying for a mortgage and get you to the 30% GNDH affordability requirement.        
 

AFFORDABILITY Worksheet.jpg
bottom of page