How much can I afford? How we pre-qualify you

Knowing your budget to purchase a home and how much you can afford to spend is a critical step in any home buying journey.

With Ownify, it takes just a few minutes to become pre-qualified and find out what your maximum home purchase budget could be. Your Ownify budget is specific to you and based on the information you provide to us during your pre-qualification application.

How do we calculate your budget?

• Checking your credit 

The first step is to run a soft credit check on you and your co-applicant if you have one. A soft credit check does not affect your credit rating in any way, or show up as an inquiry on your credit file.  For the Ownify program, we ask for a minimum 600 credit score* and no bankruptcy or foreclosure within the past 4 years.

• Verifying your income 

Next, we verify your income. This is a quick and secure process where we ask you to upload proof of income, such as bank statement, W2 or pay stubs. Traditional and non-traditional employment wages are eligible for consideration. This includes, but is not limited to, hourly, salary, and commissions. 1099 income is also acceptable.

• Establishing your budget

Your budget is calculated based on an affordability calculation. This takes into account your income, your current existing debts (such as car loans, credit card, and student loan payments) and the future payment obligation to Ownify. We use a payment-to-income ratio target to establish your home budget.  We will calculate your budget at the household level if you are applying as joint applicants, and use the current debt commitments as they appear on your credit profile.  

• Verifying your ID

We also perform secure checks to confirm you are a real person applying using the information you supply and may ask to see some ID.

• That’s it!  You’re now pre-qualified to become an Owni

Once pre-qualified, you will instantly see your home budget.  This shows you the total amount we can buy a house for together based on the information you provide, and what the associated monthly payment amount would be if you bought a house at that maximum budget amount.  

Once you understand your total budget, you can use our simple tools to understand how this monthly payment could change if you bought a house for different amounts within your budget.

Owning your first home could be closer than you think!   Why not get pre-qualified today.

*Our credit requirements are subject to change at any time. We use Transunion as our credit bureau.  Your score through other third party services may be different.

If you're ready to get pre-qualified then apply now here.

If you would like a quick check on your eligibility for Ownify, use our tool here.