Christee Quick Start Buyer Choice

Quick Start Buyer Choice will develop a strategy to purchase a specific home.

The report includes Mortgage Types, Monthly Payment, and Allocation of Cash.

When possible, you should allocate cash to retire personal debt such as credit cards by reducing the cash put into a new home purchase. Christee gives you the power to analyze this option.

Required Income – The report will indicate an estimated required minimum income. The required income will change based upon credit score in combination with income and monthly debts which is beyond the scope of the Quick Start module.

Note: Quick Start Buyer Choice does not analyze the impact of Income, debts, and credit score on the purchase of a specific property. For a detailed analysis, including income and monthly debts, please run Christee Module Buyer Choice.

There are 9 required Inputs for a Quick Start 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 notes for each loan type selected. The notes will highlight information particular to the loan type and area such as maximum loan amounts.
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. Married. (Yes or No). If there are 2 borrowers on the loan, select ‘Yes’.
9. First Time Buyer (Yes or No). This input could affect closing cost or minimum down payment on conventional loan. Default setting is ‘No’.
Tip. This input field will only appear within certain States or when a Conventional loan is selected.

There are 19 Optional Inputs available to customize your report. NOT required for Christee Results.

1. Credit Score. Enter a number between 550 and 850. The lowest middle score for all borrowers should be entered.
Tip. Your credit score will impact certain results such as PMI (Private Mortgage Insurance) which is required on conventional loans with less than 20% down payment.
2. 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.
3. 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.
4. 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.
5. Annual Insurance Premium. Enter amount of Annual Hazard Insurance. Otherwise, Christee will estimate Hazard Insurance premium based upon location of the property.
6. 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.
7. 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.
8. 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. If you want the seller to pay $7,500 of buyer closing costs, enter 7500.
9. 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’.
10. 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.
11. 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.
12. 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.
13. 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.
14. 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
15. VA Exempt. If a Veteran is exempt from the ‘Funding Fee’ associated with a VA loan, then select ‘Yes’. (Default setting is ‘No’)
16. First VA Loan. This entry will affect the calculation of the VA funding fee. The funding fee is increased on 2nd VA loan.
17. Name. If name is entered, then PDF file will include name.
18. Phone. Enter your phone number to have an Christee Certified Agent to contact you.
19. 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.

We hope you enjoy your AskChristee experience!

Results will be displayed in your browser. Additional detail is available in the PDF file. Please review results with a recommended AskChristee Agent and Lender.

See the Resources tab for more Information. Visit Video tab for demonstration and greater insight.