Get Prequalified for a Home LoanFind out how much house you can borrow before you start looking – and how you can make the strongest offer possible on the property you choose.What documents should you have ready when contacting a loan officer?When initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you:Pay stubs last 30 daysBank statements last 3 monthsEmployment historyPrevious tax returns 2 years

Get prequalified for a mortgage loanhttps://www.mkgenterprisescorp.com/home-purchase/ (https://www.mkgenterprisescorp.com/home-purchase/)

CalHFA - Am I Eligible?https://www.calhfa.ca.gov/apps/AmIEligible/ (https://www.calhfa.ca.gov/apps/AmIEligible/)

CalHFA FICO requirements 660https://www.calhfa.ca.gov/homebuyer/programs/index.htm (https://www.calhfa.ca.gov/homebuyer/programs/index.htm)

The Forgivable Equity Builder Loan is a forgivable subordinate loan program that may only be used with a CalHFA first mortgage.

Fannie Mae Area Median Income Lookup Toolhttps://ami-lookup-tool.fanniemae.com/amilookuptool/ (https://ami-lookup-tool.fanniemae.com)

80% AMI divided income limit by 12

Calculate DTI = 45% of AMI income limits

Example $50,240 /12= $4,187 X 0.45 = $1,884.15 must include interest + principle + property taxes and PMI

Determines borrowers Capacity ability to make interest and principal repayments on a loan, using his or her disposable income or cash flow.

Conforming 30 Year Fixed

An interest rate of 5.625% (5.89 APR) is for the cost of 1.875 points ($4,687.59) paid at closing. On a $250,000 mortgage, you would make monthly payments of $1,439.15. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 60.00%

An interest rate of 6.25% (6.345% APR) is for the cost of points paid at closing. On a $250,000 mortgage, you would make monthly payments of $1,539.30. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 60.00%

Mortgage Loan Officer Marshawn Govan NLMS ID 1370676Text: (559) 500-6030

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.