Christee Buyer Choice Quick Start

There are 12 Inputs required for a customized report.

• 1. State. Select a State.
• 2. Select Area. Select a county or city.
• 3. Enter Property Zip Code. Enter zip code where you would like to purchase a home.
• 4. Sales Price. Enter the price you will offer, or the list price for the home.
• 5. Loan Type. Select Conventional, FHA, VA, or USDA. 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 browser results include ‘Alerts’ such as ‘USDA Area’ which indicates that USDA loans may not be available in the area selected.

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

Tip. A rate of three and one eighth is entered as 3.125.

• 7. Mortgage Term. Select from dropdown menu. Default setting is 30 Years.
• 8. Income. Enter annual gross annual income for all parties.
• 9. Monthly Debts. You should enter all current installment debts which will not be paid off within the next 12 months. You should not include things such as: health or auto insurance and telephone or utility bills. You should include things such as: student loan debt, car payments including leases as they appear on your credit report.
• 10. Credit Score. Enter a number between 550 and 850. The lowest middle score for all borrowers should be entered.
• 11. Married. (Yes or No). If there are 2 borrowers on the loan, select ‘Yes’.
• 12. 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 20 Optional Inputs available to customize your report. NOT required for Christee Results.

• 1. Limit Monthly Payment.   Christee will automatically adjust all reports not to exceed the payment limit.

Tip. Christee will not allow a payment above the maximum for loan type and purchase price.

Tip. Please review the debt-to-income ratio which is displayed in the results with a Lender.

• 2. Enter Cash. Enter total cash available to purchase a home. Christee will allocate the cash to down payment and closing cost based upon other inputs such as ‘seller closing cost credits’.
• 3. Property Taxes. You may enter the actual property taxes as shown on the MLS. Otherwise, Christee will estimate the property taxes based upon local tax rates.

• 4. Annual Insurance Premium. Enter amount of Annual Hazard Insurance. Otherwise, Christee will estimate Hazard Insurance premium based upon location of the property.
• 5. Close Date. You may enter a specific date for closing. Otherwise, the closing cost will be based upon preparation date, plus one month.

  Tip. Closing cost that are date sensitive such as interim interest or property tax adjustments will be based on this date.

• 6. Seller Credit as a Percent. The number entered represents a percentage of the purchase price you want the seller to pay toward your closing cost.

  Tip. An input of 3, represents a 3% of the purchase price that the seller will contribute toward closing cost.

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

• 7. Seller Credit as a Dollar Amount. Enter any dollar amount you wish the seller to pay toward buyer closing cost.

  Tip. If you have entered a percent (#5 above) and a dollar amount for seller credit, Christee will use the dollar amount.

  Tip. You want the seller to pay $7,500 of buyer closing costs, enter 7500.

• 8. Lender Credit. Enter the percentage lender is paying toward closing cost.

  Tip. An entry of 1, means the lender will pay 1% of the loan amount toward buyer closing cost.

  Tip. Lender paid closing usually results in a higher mortgage interest rate.

  Tip. Lender credits are calculated based upon the mortgage amount and NOT the purchase price. Christee will display the dollar amount of the credit as a percent of the purchase to allow easy comparisons between ‘Seller Credit’ and ‘Lender Credit’.

• 9. Lender Fees. You may enter a dollar amount for lender fees such as application fees or underwriting fee.

  Tip. If the lender charges more than one fee, enter the total dollar amount. Do not include origination fee.

• 10. Loan Origination Fee. Enter any number, including decimals up to 2.

  Tip. An entry of .875, means the calculations will be based upon a .00875 (7/8%) loan origination fee.

  Tip. A loan origination fee increases the closing cost, thus increases cash required to close.

• 11. Percent Down Payment.  Enter the percent you wish as a down payment. A entry of 10 means a 10% down payment and a 90% loan-to-value.

  Tip. To avoid monthly mortgage insurance on a conventional loan, enter 20 for a 20% down payment. 

• 12. Limit Loan Amount. Enter loan amount you want, otherwise Christee will calculate the loan amount.

  Tip. You may enter any combination of the above fields – limit payment, limit LTV, and Limit Loan amount. Christee will resolve any conflicts and provide results.

  Tip. For example, should there be a conflict between a capped LTV entered and loan amount entered, the loan amount will be used, provided it creates an LTV equal to or less than max LTV entered.

• 13. Condo Fee. Enter Amount of monthly condominium or HOA fee, if any. This amount will be factored into your total monthly payment.

Next Two Inputs Applicable to VA Loans Only

• 14.  VA Exempt. If a Veteran is exempt from the ‘Funding Fee’ associated with a VA loan, then select ‘Yes’. (Default setting is ‘No’)
• 15. First VA Loan. This entry will affect the calculation of the VA funding fee. The funding fee is increased on 2nd VA loan.
• 16. 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. The resulting total monthly payment (PITI) will be less than the target payment when payment subsidy is utilized. The target monthly payment is based upon the mortgage rate and not the ‘buydown rate’. The cost of the payment subsidy is detailed in the PDF file and may be paid by the seller.

  Tip. Mortgage qualification is based upon the long term payment and not the lower payment as a result of the payment subsidy or buydown.

  Tip. For additional information on Buydowns run Christee module Payment Subsidy.

17. 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.

• 18. Name. If name is entered, then PDF file will include name.
• 19. Phone. Enter your phone number to have an Christee Certified Agent to contact you.
• 20. Email Address. By entering a valid email address, you have the option to have the PDF report emailed to yourself or another person.

  Tip. After you have entered an email address make sure you hit submit again.

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