Christee Buy or Wait Quick Start

There are 15 Required Inputs for the Buy Now or Wait module.

• 1. State. Select the 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.
• 4. Loan Type.  Select one of the mortgage options – Conventional, FHA, VA, or USDA
• 5. Sales Price. Enter the hypothetical purchase price of property.

  Tip. It is suggested you run ‘Buyer PreQual’ to establish (1) Mortgage Plan (2) Comfortable Sales Price (3) Comfortable Monthly Payment and (4) Cash Requirements.

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

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

• 7. Future Interest Rate. Enter the interest rate for future comparison. This rate may be (a) higher (b) lower or (c) the same as current rate.
• 8. Loan Term. Select from dropdown menu. Default setting is 30 Years.
• 9. Personal Income. Enter gross annual income for all potential borrowers.

  Tip. In this program, ‘Income’ is used for two purposes – (a) to establish Federal Income Tax Bracket and (b) to compute front and back ratios.

  Tip. In the Buy or Wait Program, Christee does NOT restrict results based upon income.

• 10. Monthly Debts. Enter minimum required monthly payments on debts that are on your credit report including child support obligations. Health or auto insurance, telephone or utility bills, are NOT considered debts.

  Tip. Do not include debts that will be paid off, based upon minimum monthly payment, in 12 months.

  Tip. Even though results are not restricted to Income and Debts. Christee does calculate Payment and Debt- To-Income ratios which can be viewed in the PDF file.

• 11. Years for Report. The number of years you wish to analyze for purchasing a home. You may enter whole numbers (without decimals) from 1 to 5 years.

  Tip. If you are thinking about waiting one year before buying a home. You will enter ‘1’ for the ‘wait’ period.

• 12. Property Appreciation. Enter amount of appreciation or depreciation you anticipate in the real estate market. Enter ‘0’ (zero) if you anticipate market values remaining static for report period.

  Tip. An entry of 4 would representing 4% annual appreciation. An entry of -4 would represent depreciation of 4% annually during report period.

• 13. Credit Score. Enter an approximate credit score.

  Tip. Credit score will affect certain calculations such as MI (mortgage insurance) and should reasonably represent your credit score.

• 14. Married (Yes or No). Used for Tax Filing Status. Select ‘Yes’ if there will be two borrowers.
• 15. 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 10 Optional Inputs available to customize your report. NOT required for Christee Results.

• 1. Property Taxes. You may enter the ‘actual’ property taxes. If left blank, Christee will estimate the property taxes based upon the location you have selected.

  Tip. It is suggested you do not enter property taxes in this field. It is best for Christee to estimate property taxes on current value and future value.

• 2. Seller Credit. Enter any amount of seller credit including decimal amounts. Christee will make the appropriate adjustments in accordance with the mortgage type you have selected.

  Tip. An entry of 2 will represent a 2% seller contribution toward buyers’ closing cost.

• 3. Percent Down Payment. Enter minimum down payment you wish to utilize. A entry of 3 will result in a loan-to-value of 97% or 3% down payment. Christee will adjust to minimum down payment required on a specific loan type.

  Tip. If the LTV (loan-to-value) exceeds permissible amount allowed for mortgage type, Christee will make the adjustments.

• 4. Limit Loan Amount. Enter Maximum loan amount you desire.

  Tip. This amount will be utilized provided there is not conflict with mortgage type selected.

  Tip. If you have entered a maximum loan amount and a maximum LTV, Christee will attempt to use both when possible. For example, we have a $350,000 price and enter a 90% max LTV and a max loan of $325,000. For the initial period of report (Buy Now Section) AskChristee utilizes the 90% limitation and then imposes the $325,000 limit on the final section of the report (Wait Section).

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

Next 2 optional inputs applicable only to VA loans.

• 6. VA Exempt. If a Veteran is exempt from the ‘Funding Fee’ associated with a VA loan, then select ‘Yes’.
• 7. First VA Loan. This entry will affect the calculation of the VA funding fee. The funding fee is increased on 2nd VA loan.
• 8. Name. If name is entered, then PDF file will include name.
• 9. Phone. Enter your phone number to have a Christee Certified Agent to contact you.
• 10. 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.