Don't know where to start? This tool will help give you an idea what you might qualify for.
Your Purchasing Power.
This tool helps you determine the potential purchase price of a home you may qualify for with the information you provide. This is an estimate only and we do not guarantee these results and this is not a committment to lend. This is not a pre-qualification or pre-approval. All information entered must be verified and is subject to credit approval.
As a W2 employee, please use your gross income. If you have earned Overtime, Bonus, Commission or Tips for at least 1 year, that income can be included also. You may also include any additional income like SSA, Child Support, Alimony, etc if the income can be verified.
As someone that is Self-Employed, we use your net taxable income for the last 2 years. Depending on your business, it might be on a schedule C, form 1120S, form 1065 or form 1120. Gross income cannot be used on most loan programs. If you would like to inquiry about non traditional programs, please email us at rick.scherer@planethomelending.com
Being Retired, you can use income from any verifiable source like Social Security, Retirement, Pension, IRA Distributions, Annuities, etc. Income that is not taxed may also be grossed up 15-25% in most cases. Please include all verifiable income sources in the amount.
Monthly debts are installment (auto, personal, student, etc) or revolving debts (credit cards, lines of credit, etc). Do not include rent, utilities, phone, insurance, etc.
Mortgage companies use FICO scores 2,4 & 5 with the 3 major credit companies. Your qualifying score would be the middle score (throw out the highest and lowest scores).
*By submitting this request, you acknowledge this is only an estimate and Planet Home Lending does not guarantee the results. To be used for information purposes only. This is not a commitment to lend. An application and supporting documentation is required for approval of any advertise loan terms. Equal credit opportunity. Please contact us at (352) 446-9422 with any questions or concerns.
A Conventional Loan offer more flexibility and fewer restrictions for borrowers, especially those with good credit and income.
FHA Loans
FHA Loans offer a lower down payment and credit score requirements. Great for First-Time Homebuyers.
VA Loans
VA Loans are for military personell and veterans. They offer flexible guidelines, no down payment and no PMI.
USDA Loans
These are rural housing loans that require specific property requirements and location. There are also strict income and purchase price limits.
Down Payment Assistance
These loans help borrowers purchase a home with no money down. We have programs that allow credit scores as low as 600 with great rates.
Jumbo Loans
Jumbo Loan programs are for higher priced homes above the Conforming Loan Limit. They require higher credit scores and down payment.
Other Loan Program Options
Bank Statement Loans
We offer Bank Statement Loans for Self-Employed borrowers. These loans typically require higher credit scores and larger down payments. They are a great program for those that claim little to nothing on their tax returns.
Construction Loans
Construction Loans offer borrowers the ability to have a home built on their own land. The loan finances the construction of the property. You make small payments as money is used to build the home and then converts to mortgage loan once complete.
Debt Service Coverage Ratio (DSCR)
DSCR loans are used for investors that can purchase investment homes without using any personal income. These loans require higher credit score and down payment. Income is used from the rental income that is produced from the property.
PLANET HOME LENDING, LLC. AND THIS OFFER ARE NOT ENDORSED BY OR AFFILIATED WITH ANY GOVERNMENTAL AGENCY. THIS OFFER IS NOT BEING MADE BY ANY AGENCY OF THE US GOVERNMENT.
This site is not approved by the New York State Department of Financial Services. This site is not intended to solicit business within the State of New York, nor can applications for properties located in the state of New York be facilitated through this site.
