Prequalifying for a Celebrity Home Loan – It’s Easier than You Think

Please call us at (402) 896-3100 for the above mentioned documents.

Celebrity Homes doesn’t believe that qualifying for a loan should be a difficult, intimidating process. In fact, we’ve made it as simple as we possibly can. There are a few things to know about the home loan process if you want to see what type of Celebrity Homes custom-built home you might qualify for.

Your Debt Ratios

To determine if you qualify for a home loan, the mortgage company uses two ratios:

Front end ratio: This is the allowable percentage of your gross monthly income that you are permitted to use for your mortgage payment. 

Backend ratio: This is the allowable percentage of monthly income you are allowed to use for all of your revolving debt obligations. This includes items like your monthly minimum credit card payments, car payments, student loans, child support, and anything else that is a regular debt obligation for you.

The mortgage company takes your gross monthly debt payments and divides it by your monthly gross income to calculate the home loan amount for which you qualify.

In addition to your debt ratios, the mortgage company will also consider your credit score when determining your home loan amount.

Celebrity Home’s Process

While we cannot personally pull your credit score, we can show you both of your ratios to give you an idea of what to expect and what is reasonable when you apply for a home loan.

If you have not checked your credit score recently or just wish to have a complete picture of exactly what the mortgage company will see when they look over your information, you can easily get your credit score online at a number of reputable websites.

Celebrity Home Forms

We have a worksheet we use to work out and record your estimated monthly payment. We also have a form you can use to determine if it would be in your best financial interest to purchase a Celebrity Home over a pre-owned home.

Would you like to see if you qualify for a Celebrity Home new home loan? The answer might surprise you. With today’s economic situation yielding all time lows in interest rates, many qualify for a much larger, nicer home than they ever thought possible.