Quick Home Affordability Guide:

Income          6.5%       7%       7.5%        8%       8.5%       9%     

$46,000         145,553   138,282   131,576   125,380  119,649  114,339 

$62,000         196,181   186,381   177,341   168,991  161,266  154,109 

$82,000         259,465   246,504   234,548   223,504  213,287  203,822  

This is only a guide, many other factors determine what price range is suitable.   For additonal quick qualifying ranges, please contact me

barbara@barbarakeefauver.com

The terms prequalification and preapproval are often used interchangeably but have two distinct different meanings. Prequalifation means that someone discussed finances with that included income assets and debt.  Based on the information, they determined the house you can afford or the loan amount you can borrow.  Since there is an absence of supporting documentation exchange you can shop in the price range stated, but you will require to go through the loan application process.

Preapproval is the verification process.  Providing the lender with W-2s, bank statements, and credit report.  Preapproval letter states the maximum amount you can borrow subject to review of the property to be purchased.  If more than 60 days elapse from this original approval, the lender may need to take another look at the loan documentation to insure no significant changes have occurred.