Compare your total score to the chart below. It shows how m uchhome may be in your price range along with a typical down payment.
Regardless of how you scored, you can apply for the mortgage or refinancing amount you have in mind. That's because our lending officers always try to find ways to approve loan requests, not look for reasons why they can't.
HOME BUYABILITY CHART
If Your Test Score is...
14 to 17 points: Typical Down Payment 10% on a mortgage of less than $60,000.
18 to 20 points: Typical Down Payment 10% on a mortgage $60,001 to $80,000.
21 to 24 points: Typical Down Payment 15% on a mortgage $80,001 to $100,000.
25 to 28 points: Typical Down Payment 20% on a mortgage $100,001 to $125,000.
29 to 31 points: Typical Down Payment 25% on a mortgage $125,001 to $150,000.
14 to 17 points: Typical Down Payment 25% on a mortgage $150,001 to $175,000.
Over 17 points: Typical Down Payment 25% on a mortgage over $200,000.
This chart is for your information only. Loan self-tests do not include all of the factors we consider in evaluating a loan request such as your payment history and your ability to meet your monthly obligations. This is a generic test. We do not use this test information to make credit decisions. We reserve the right of final loan approval.
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On October 3, 2008, President George W. Bush signed the Emergency Economic Stabilization Act of 2008, which temporarily raises the basic limit on federal deposit insurance coverage from $100,000 to $250,000 per depositor. The temporary increase in deposit insurance coverage became effective immediately upon the President's signature. The legislation provides that the basic deposit insurance limit will return to $100,000 on December 31, 2009.
The bank has chosen not to participate in the FDIC’s Transaction Account Guarantee Program. Customers of the bank with noninterest bearing transaction accounts will continue to be insured through December 31, 2009 for up to $250,000 under the FDIC’s general deposit insurance rules.
