Elliott Homes “Rule of Thumb” #1

.30

Affordable House Payment

Gross monthly income times .30

Elliott Homes “Rule of Thumb” #2

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.

Elliott Homes “Rule of Thumb” #3

1%

House Payment

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

Elliott Homes “Rule of Thumb” #4

Credit

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

Elliott Homes “Rule of Thumb” #5

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.

Elliott Homes “Rule of Thumb” #6

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.

Mortgage Lenders

For mortgage information from our Preferred Lenders, please feel free to contact one of our lending specialists:

Wells Fargo - CALIFORNIA - New Riata, Veranda at Empire Ranch, Woodbury Estates at River Oaks

Nick Smith
nick.smith@wellsfargo.com
Website

Vitek Mortgage - CALIFORNIA - Innovations at Twelve Bridges, Chelsea at Stoneridge, Terra Vista at Stoneridge

Joe Martini
jmartini@teamvitek.com
Website

Academy Mortgate Corporation - ARIZONA - ARABY CROSSING, LAS BARRANCAS, SUNSET TERRACES AT THE VIEW

Stephenie Converse
Stephenie.converse@academymortgage.com
Website

Fairway Mortgage - ARIZONA - Avalon, Granite Vista

Eddie Rodriguez
erodriguez@fairwaymc.com
Website

IMortgage - ARIZONA - Valencia at Santa Rosa Springs, Estate Series at Riverwalk, Granite Vista

Beth Wakeley
beth.wakeley@imortgage.com
Website

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