Christee PreQual Quick Start

There are Only 11 Required Input Fields.

• 1. State. Select a State.
• 2. Area. Select County or City. All calculations will be based upon the ‘Area’ selected including maximum loan amounts and closing cost.
• 3. Enter Desired Zip Code. Enter the zip code where you wish to purchase.
• 4. Mortgage Type. Select Conventional, FHA, VA, or USDA loan. If unsure you may select ALL four.

  Tip: Based upon the ‘Area’ selected Christee will make necessary adjustments such as FHA maximum loan amount.

  Tip: The ‘Mortgage Notes’ section will highlight program features make certain suggestion to enhance the homebuying experience.

• 5. Change Rate. You will see suggested interest rates. Click the pencil inside the box to change the interest rate for analysis.

  Tip: If you wish to compare the effect different interest rates. Run the module with different interest rates and/or term of loan. You may also run ‘Buy or Wait’ module to compare current interest rates to potentially higher (or lower) future rates.

  Tip: A rate of 3 and one eight is entered as 3.125.

• 6. Mortgage Term. Select from dropdown menu. Default setting is 30 Years.
• 7. Annual Income. Enter Annual Gross Income for all parties. Generally, this is W2’s or income on tax returns. If you are self-employed, commissioned or income includes substantial overtime you should review acceptable income with loan officer.
• 8. Monthly Debts. Enter minimum required monthly payment on debts that are on your credit report plus child support obligations.

  Tip: Do not include debts that will be paid off, based upon minimum monthly payment, in 12 months. Items such as health or auto insurance, telephone, or utility bills are NOT considered debts.

• 9. Credit Score. Enter a number between 550 and 850. The lowest middle score for all borrowers should be entered.
• 10. Married. (Yes or No). If there are 2 borrowers, select ‘Yes’.
• 11. First Time Buyer. (Yes or No). This input could affect closing cost or minimum down payment on conventional loan. Default setting is ‘no’.

There are 15 Optional Inputs to customize your report. NOT required for Christee Results.

• 1. Limit Monthly Payment. Enter monthly payment you feel is affordable. Projected price homes will be based upon amount of monthly payment entered.

  Tip: If you do not enter a desired monthly payment Christee will provide a suggested affordable payment based upon loan type and internal algorithms. Please review the Debt-to-Income (shown in the results) with a Lender.   

• 2. Available Cash. Enter total cash available to purchase a home. Christee will allocate cash to down payment and closing cost.

• 3. Seller Credits. Enter the percent of purchase price you will ask seller to contribute toward closing cost. Seller credits will reduce the ‘cash required’ and could increase the price home if you have entered cash.

  Tip: 1.5 would represent a seller concession of 1.5% of the purchase price.

  Tip: Christee will make adjustments to the maximum allowable seller credit based upon loan type and estimated closing cost.

• 4. Lender Credits. Enter the amount of Lender Credit as a whole number. 2 will represent a 2% lender credit to closing cost.

  Tip: Lender credits are based upon the loan amount and NOT the sales price.

  Tip: A Lender closing credit may results in a slightly higher mortgage interest rate.

• 5. Lender Fees. Enter dollar amount of anticipated lender fees such as processing fees or underwriting fees. This will increase your closing cost. Do not include origination fee.

  Tip: Lender charges an underwriting fee of $1,200 and application fee of $500. Enter $1,700.

• 6. Loan Origination Fees. Enter whole number representing amount of origination fees. Maximum entry is 2%.

  Tip: An entry of .875 means the calculations will be based upon a .875 (7/8%) loan origination fee.

  7. Down Payment %. Enter percentage of purchase price for down payment.

  Tip: Entering 15 or .15 will represent an 15% down payment and a 85% loan to value loan.

• 8. Condo. Enter amount of anticipated monthly condominium fee or mandatory HOA fees, if any. This amount will be factored into your total monthly payment and will decrease the suggested purchase price.

Next two optional inputs applicable only to VA Loans Only.

• 9.VA Exempt. If a Veteran is exempt from the ‘Funding Fee’ associated with a VA loan, then select ‘yes’.
• 10. First VA Loan. This entry will affect the calculation of the VA funding fee. The funding fee is increased on 2nd VA loan.
• 11. Payment Subsidy. If you select ‘yes’ payment calculations will be based upon a 2-1 buydown which means the first-year payment will be based on a rate two (2) percent below the fixed mortgage rate. The 2nd year payment will be based upon a rate 1% below the fixed mortgage rate. This will not increase the purchase price home which you can qualify. The cost of the payment subsidy is detailed in the PDF file and may be paid by seller.

  Tip: The resulting total monthly payment (PITI) will be less than the target payment when payment subsidy is utilized. The target affordable monthly payment is based upon the mortgage rate and not the ‘buydown rate’. A Buydown option does NOT increase the affordable price house.

• 12. PMI Calculation. Default setting is ‘Yes’, which means Christee automatically calculates monthly private mortgage insurance for conventional loan with less than 20% down payment. An entry of ‘No’ will turn off PMI calculations.

  Tip: A Lender may offer a program with no PMI insurance, however, typically a higher interest rate is required. You may want to run with PMI and without PMI (higher interest rate) for comparison.

  Tip: Caution is advised regarding this input. Please confirm with a Lender.

• 13. Name. If a name is entered, then PDF file will include name.

• 14. Phone. Enter your phone number to have a Christee Certified Agent to contact you.
• 15. Email Address. By entering a valid email address, you have the option to have the PDF report emailed to yourself or another person.

  Tip: If this field is blank, then you may download the PDF report.

  Tip: Make sure you hit the ‘submit’ button after entering an email address.