Buyer Guide_Krista Harvey

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Walk any homes that meet all of the qualification you’ve set until you find the right one & submit an offer

Determine what you want your monthly payment to be Determine how much you want to put down

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Deposit earnest money 10-day inspection period Appraisal

Meet with Dane, our Preferred Lender Crunch the numbers to determine how much home you can afford

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Sign all lender documents Sign all title documents Sent to record + fund

Determine what your ‘must have’ items are Define the location you want to live in Set up your home search

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Schedule your movers Turn on all utilities in your name Welcome Home!

Your home budget isn’t just about what you qualify for with your lender—it’s about what comfortably fits your financial lifestyle. Your lender will assess factors like

your debt-to-income ratio, credit score, and down payment to determine the loan amount you’re eligible

for. However, beyond your mortgage principal,

interest, taxes, and insurance, you’ll need to account for additional homeownership expenses such as

utilities, waste removal, maintenance, and personal lifestyle costs.

A common guideline suggests that your mortgage

payment should not exceed one-third of your take-home pay. However, this is not a one-size-fits-all

rule—your financial situation and future earning potential play a significant role.

Things to consider:

Are you in the early stages of your career? If your

income has strong growth potential—such as a young attorney or medical professional just starting out—you might consider a slightly higher mortgage

payment, knowing your earnings will likely increase over time.

Are you approaching retirement or on a fixed income?

If your income is stable with little room for growth, you may want to be more conservative with your mortgage budget to ensure long-term financial security.

By taking these factors into account, you can make a

confident, informed decision about the home that best fits your present and future financial goals.

NEW AMERICAN FUNDING SALES MANAGER | NMLS# 908173 515-444-7471 DANE.EISCHEID@NAFINC.COM GREATDANEHOMELOANS.COM

“Serving people is my passion in life, and I’ve dedicated my career to helping others through the home buying process, making the transition as smooth and easy as possible. I have extensive knowledge of the mortgage banking industry.”

NMLS ID #6606. Corporate Office Phone (800) 450-2010. If your home is currently listed, this is not a solicitation to list your home. New American Funding, LLC and RE/MAX shared the cost of this advertisement. 2/2025.

Once the inspection is complete, the next contingency to remove is the appraisal contingency. Most loans require an appraisal and if the home doesn’t appraise for the purchase price, buyers and sellers have a few options.

The buyer can exercise their right to cancel the contract and receive a full refund of their earnest money; buyer and seller can renegotiate on the price; or buyer can bring the difference between the appraisal amount and loan amount in cash to the closing table to bridge the gap.

Don’t change bank accounts

Don’t close any credit accounts or apply for new ones

Don’t make large cash deposits into your account without speaking to your bank or lender

Don’t co-sign other loans for anyone

Don’t make any large purchases