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:
GNDH Suggested Mortgage Lenders
National Bank of Commerce
Mortgage Calculators
Government Agencies & Resources
Federal Housing Finance Agency
Minnesota Home Ownership Center
* 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.
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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.
