About the Qualification Page
This page will indicate whether or not you are likely to qualify for a mortgage. If you don’t qualify, or if you are close to rejection, it shows where your credentials are weak, and provides guidance on how to improve them.
It is not the same as having your loan application underwritten by a lender. Some major differences are:
- The professor uses the income you enter but does not ask you to document it. A lender will ask you to document income, as well as the assets needed for the down payment.
- The professor uses the credit score you enter but the lender will use a score obtained from another source, which may be different. The difference is likely to be small but even a small difference can matter if the score you enter places you close to the rejection line.
- The maximum ratios of debt payments to income used by the professor are those stipulated in the guidelines of Federal agencies and lenders, but underwriters have some discretion to adjust them to the circumstances of a transaction.