AFFILIATE LENDER:
Derek Bellinger
Vice President and Regional Mortgage Sales Manager
NMLS #757795
Phone: 570-616-7703
derek.bellinger@waynebank.com
wayne.bank
HERE IS WHAT YOU NEED FOR US TO HELP YOU OBTAIN FINANCING:
Credit Score
Minimum Credit Score is 680
The middle of the three scores will be used to determine your credit score for qualification. Our
affiliate lender will check all three credit bureaus:
- Experian
- Transunion
- Equifax
Debt-to-Income Ratio
38% is the maximum Debt-to-Income ratio for New Construction.
This is how it works: Let’s use a $400,000 home to show the numbers.
- Annual Property Taxes of $8,000
- Annual Property Insurance of $1,200
- Buyer Debt of $2,000 (Revolving credit, auto loan, etc.)
- Total Annual Debt of $11,200, or $933 per month
- Mortgage on $400,000 equals $1551 per month
- Total monthly payment of $2,484
- NOTE: The Monroe County limit for federally funded loans (such as FHA, USDA, and VA loans), the
- total purchase price must not exceed $343,000
Project Financing
Overall Financial Requirements: Based on the DTI example on the right.
Acceptable Income
Under this scenario, the minimum income requirement would be $78,442 or more
Required Credit
680 or higher
Minimum Downpayment
5%
(Contact us, if you’d like to talk to our preferred lender for a quote.)
Build Time Frame
It’s our job to make the process as smooth as possible for you!
Design & Construction Documents (CD)
Once all documentation is completed: All site plans, architectural plans, and project management
will be handled for you.
Timeline
From 6 to 9 months once we break ground
