P2Q Appointment
Intercap’s Pathway to Qualification Program (P2Q) assists renters with a detailed plan to purchase their own residence by the time their lease is up, or within a year.
The P2Q Program starts with a financial planning meeting with an Intercap loan officer and real estate professional. These are your P2Q Advisors. Their role is to help you crunch the numbers and review options so you can decide if and when you should buy. They listen to you as you describe your goals. They provide a personal Buy vs Rent report that considers your current income and expenses. This is about helping you put a plan together for what you want to do, with professional insights about housing and lending.
The P2Q Assessment
The P2Q Assessment looks at the following home purchase criteria.
- Credit Score. Your FICO credit score is one factor in determining if you qualify for a mortgage. We will check your credit and let you know what you can do to improve your score by the time you are ready to buy.
- Debt-to-Income. The amount of money you make, how you are paid, and how much other debt you have will determine if you qualify for a mortgage and how much you can afford. We will help you understand where you stand in terms of your DTI and what you can do to improve your buying potential.
- Down Payment. How much you have to pay for closing costs and down payment can determine how soon you can buy. We will share information on first-time buyer programs and grants that can minimize this out-of-pocket expense while keeping your monthly payments and interest rate down.
- Housing Market. The local housing market, property types (condos, townhomes, single family homes, multi-family homes, land), home prices, property condition, appreciation, and other housing considerations are all important factors in determining when and where you buy. Your real estate agent can do a lot more than open doors and write contracts.