{"id":4323,"date":"2016-09-27T15:10:23","date_gmt":"2016-09-27T22:10:23","guid":{"rendered":"https:\/\/bendhabitat.org\/?page_id=4323"},"modified":"2022-02-23T10:03:59","modified_gmt":"2022-02-23T18:03:59","slug":"ability-to-pay","status":"publish","type":"page","link":"https:\/\/tillamookhabitat.org\/homeownership\/ability-to-pay\/","title":{"rendered":"Ability to Pay"},"content":{"rendered":"  <div id=\"page-header-1386201064\" class=\"page-header-wrapper\">\n  <div class=\"page-title dark featured-title\">\n\n    \n    <div class=\"page-title-inner container align-center flex-row medium-flex-wrap\" >\n              <div class=\"title-wrapper flex-col text-left medium-text-center\">\n          <h1 class=\"entry-title mb-0\">\n            Ability to Pay          <\/h1>\n        <\/div>\n                    <div class=\"title-content flex-col flex-right text-right medium-text-center\">\n        <div class=\"title-breadcrumbs pb-half pt-half\"><\/div>      <\/div>\n    <\/div>\n\n       <\/div>\n    <\/div>\n  \n<div class=\"row\"  id=\"row-946068742\">\n\n\t<div id=\"col-1493484026\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\t<div id=\"gap-364905087\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-364905087 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n<p><strong><em><a href=\"http:\/\/tillamookhabitat.org\/wp-content\/uploads\/2017\/03\/donate1600.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-thumbnail wp-image-4640 alignleft\" src=\"http:\/\/tillamookhabitat.org\/wp-content\/uploads\/2017\/03\/donate1600-80x80.png\" alt=\"\" width=\"80\" height=\"80\" srcset=\"https:\/\/tillamookhabitat.org\/wp-content\/uploads\/2017\/03\/donate1600-80x80.png 80w, https:\/\/tillamookhabitat.org\/wp-content\/uploads\/2017\/03\/donate1600-800x800.png 800w, https:\/\/tillamookhabitat.org\/wp-content\/uploads\/2017\/03\/donate1600-768x768.png 768w, https:\/\/tillamookhabitat.org\/wp-content\/uploads\/2017\/03\/donate1600-1030x1030.png 1030w, https:\/\/tillamookhabitat.org\/wp-content\/uploads\/2017\/03\/donate1600-120x120.png 120w, https:\/\/tillamookhabitat.org\/wp-content\/uploads\/2017\/03\/donate1600-450x450.png 450w, https:\/\/tillamookhabitat.org\/wp-content\/uploads\/2017\/03\/donate1600.png 1600w\" sizes=\"(max-width: 80px) 100vw, 80px\" \/><\/a>These questions might help determine your \u201cability to pay\u201d based on\u00a0<\/em><\/strong><strong><em>Tillamook Habitat guidelines or Third party lender standards.<\/em><\/strong><\/p>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n<div class=\"row\"  id=\"row-66824902\">\n\n\t<div id=\"col-658063625\" class=\"col medium-8 small-12 large-8\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n<ol>\n<li>Have you owned a home in the last three years?<em><span style=\"color: #33cccc;\"><br \/> <span style=\"color: #00afd7;\">Many first-time buyer programs, such as the matched savings program, require 3 years post-ownership in order to qualify for funding. This is not an issue however, if you answered yes<\/span><\/span> <\/em><\/li>\n<\/ol>\n<ol start=\"2\">\n<li>Is your income steady?<br \/> <span style=\"color: #00afd7;\"><em>A Steady Income means: no gaps in income stream for 2 or more years<\/em><\/span><\/li>\n<\/ol>\n<ol start=\"3\">\n<li>Are there gaps in your income stream for short periods once per year?<br \/> <span style=\"color: #00afd7;\"><em>Short periods are defined as 3 months or less<\/em><\/span><\/li>\n<\/ol>\n<ol start=\"4\">\n<li>Have you reviewed the sources of accepted\/unaccepted income?<br \/> <span style=\"color: #00afd7;\"><em>Habitat considers the following in calculating income:<\/em><\/span><\/li>\n<\/ol>\n<p style=\"padding-left: 60px;\"><a href=\"\/wp-content\/uploads\/2016\/09\/Sources-of-Income.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4335\" src=\"https:\/\/bendhabitat.org\/wp-content\/uploads\/2016\/09\/Sources-of-Income-800x436.jpg\" alt=\"source income acceptable unacceptable table\" width=\"340\" height=\"185\" srcset=\"https:\/\/tillamookhabitat.org\/wp-content\/uploads\/2016\/09\/Sources-of-Income-800x436.jpg 800w, https:\/\/tillamookhabitat.org\/wp-content\/uploads\/2016\/09\/Sources-of-Income-768x419.jpg 768w, https:\/\/tillamookhabitat.org\/wp-content\/uploads\/2016\/09\/Sources-of-Income.jpg 882w\" sizes=\"(max-width: 340px) 100vw, 340px\" \/><\/a><\/p>\n<ol start=\"5\">\n<li>Have you paid rent on time for the past 12 months?<em><br \/> <span style=\"color: #00afd7;\">In most cases, paying your rent on time won\u2019t help your credit score. In fact, the FICO score would <\/span><\/em><span style=\"color: #00afd7;\"><a style=\"color: #00afd7;\" href=\"http:\/\/www.myfico.com\/crediteducation\/whatsnotinyourscore.aspx\" target=\"_blank\" rel=\"noopener noreferrer\"><em>ignore the rental trade line<\/em><\/a><em> even if it appeared on your credit report. On the other hand, falling behind on your rent could lead to an <\/em><a style=\"color: #00afd7;\" href=\"https:\/\/www.thebalance.com\/eviction-definition-960647\" target=\"_blank\" rel=\"noopener noreferrer\"><em>eviction<\/em><\/a><em> which would hurt your credit score and your ability to rent or get credit cards and loans in the future. There is an exception: some landlords may report payments to Experian Rent Bureau. In those instances, rent payments can help your Experian\u00a0credit score.<br \/> <\/em><\/span><em><br \/> <\/em><\/li>\n<li>Is your utility payment history current?<span style=\"color: #00afd7;\"><span style=\"color: #00afd7;\"><em><br \/> <span style=\"color: #00afd7;\">Your credit score isn\u2019t helped by timely payments on your utility or cell phone bills. However, if your account becomes past due, it may be passed on to a <\/span><\/em><a style=\"color: #00afd7;\" href=\"https:\/\/www.thebalance.com\/how-can-i-find-out-which-collection-agency-i-owe-960657\" target=\"_blank\" rel=\"noopener noreferrer\"><em>collection agency<\/em><\/a><em> who would then list the account on your credit report leading to a credit score drop.<\/em><\/span><\/span><br \/> <span style=\"color: #f5f2f2;\">a<\/span><\/li>\n<li>Do you have any accounts in collections?<br \/> <span style=\"color: #00afd7;\"><em>If \u201cYES\u201d answer: We recommend that you begin credit counseling to establish goals for removing and\/or paying off the accounts in collection.<\/em><\/span><\/li>\n<\/ol>\n<ol start=\"8\">\n<li>Do you have a deferred student loan?<br \/> <span style=\"color: #00afd7;\"><em>If your loan is deferred, it is important that you have documentation regarding your deferred or income based payment plan, otherwise most lenders will assume 1-2% of the total loan amount as monthly payment.<\/em><\/span><\/li>\n<\/ol>\n<ol start=\"9\">\n<li>Are you able to save at least $1,000 towards closing costs?<br \/> <span style=\"color: #00afd7;\"><em>We can assist you in signing up for a matched savings program. Your money will be matched three to one. In general, closing costs to purchase a home are estimated at around $4,000.<br \/> <span style=\"color: #f5f5f5;\">a<\/span><\/em><\/span><\/li>\n<li>Do you know what your Debt-to Income (DTI) ratio is?<br \/><span style=\"color: #00aae7;\"><em>Your DTI ratio is your personal monthly budget and how much can be safely dedicated to home-related expenses. Monthly debt includes medical\/dental, school loans (even deferred school loans), child support\/alimony payments, car payments, loans, past due accounts. Does not include rent, utilities, or insurance.<\/em><\/span><br \/> <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"\/eligibility\/debt-income-ratio\/\" target=\"_blank\" rel=\"noopener noreferrer\">See how to calculate it here<\/a><\/span><\/li>\n<\/ol>\n<p><a href=\"https:\/\/bendhabitat.org\/homeownership\/need\/\">\u00a0<\/a><\/p>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-1532985069\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n<div class=\"slider-wrapper relative\" id=\"slider-1271039744\" >\n    <div class=\"slider slider-nav-circle slider-nav-large slider-nav-light slider-style-normal\"\n        data-flickity-options='{\n            \"cellAlign\": \"center\",\n            \"imagesLoaded\": true,\n            \"lazyLoad\": 1,\n            \"freeScroll\": false,\n            \"wrapAround\": true,\n            \"autoPlay\": 6000,\n            \"pauseAutoPlayOnHover\" : true,\n            \"prevNextButtons\": true,\n            \"contain\" : true,\n            \"adaptiveHeight\" : true,\n            \"dragThreshold\" : 10,\n            \"percentPosition\": true,\n            \"pageDots\": false,\n            \"rightToLeft\": false,\n            \"draggable\": true,\n            \"selectedAttraction\": 0.1,\n            \"parallax\" : 0,\n            \"friction\": 0.6        }'\n        >\n        \n\n  <div class=\"banner has-hover\" id=\"banner-1911439886\">\n          <div class=\"banner-inner fill\">\n        <div class=\"banner-bg fill\" >\n            <div class=\"bg fill bg-fill \"><\/div>\n                                    \n                    <\/div>\n\t\t\n        <div class=\"banner-layers container\">\n            <div class=\"fill banner-link\"><\/div>            \n        <\/div>\n      <\/div>\n\n            \n<style>\n#banner-1911439886 {\n  padding-top: 500px;\n}\n#banner-1911439886 .ux-shape-divider--top svg {\n  height: 150px;\n  --divider-top-width: 100%;\n}\n#banner-1911439886 .ux-shape-divider--bottom svg {\n  height: 150px;\n  --divider-width: 100%;\n}\n<\/style>\n  <\/div>\n\n\n     <\/div>\n\n     <div class=\"loading-spin dark large centered\"><\/div>\n\n     \t<\/div>\n\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1479176373\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"480\" height=\"641\" src=\"https:\/\/tillamookhabitat.org\/wp-content\/uploads\/2022\/02\/e489c878-a606-4c38-bf9f-395a405a5cc8-1.jpg\" class=\"attachment-large size-large\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1479176373 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":15,"featured_media":0,"parent":3520,"menu_order":4,"comment_status":"closed","ping_status":"closed","template":"","meta":{"xn-wppe-expiration":[],"xn-wppe-expiration-action":[],"xn-wppe-expiration-prefix":[],"footnotes":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v18.2) - 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