Please contact an Elliott Homes Representative for more information on the above Incentives.

The following are a few basic "Rules Of Thumb" in the lending industry. These are very general guidelines. The Elliott Homes Sales Representative is available to assist you with your specific situation.

AFFORDABLE HOUSE PAYMENT: Gross monthly income times 0.30.

REASONABLE BILLS: 10% of Gross monthly income. If the monthly bills - car payments, credit cards, student loans, child support obligation, etc. (utilities and child care are not counted) exceed 10%, it will have an adverse effect on the AFFORDABLE HOUSING PAYMENT.

HOUSE PAYMENT: About 1% of the loan amount. This should include Principal, Interest, Taxes, Fire Insurance and Mortgage Insurance.

CREDIT: Lenders are understanding.... address the explanations for any derogatory credit with common sense and back-up documentation whenever possible.

SELF EMPLOYED: Unless the self employed individual is making a "significant" down payment, the underwriter will be looking for two full year’s 1040’s.

PREPARATION TIPS: Lenders like to make loans based on common sense and documentable income, be as thorough as possible in gathering your income, expense and credit data. This will make the process a lot easier and less stressful.