BUYER QUALIFICATION OF MONTHLY PAYMENT...

 

MAXIMUM RATIOS USED BY LENDERS

(A)

(B)

(C)

GROSS

YEARLY

INCOME

29 % OF GROSS MONTHLY INCOME

(USE IF NO DEBT OBLIGATIONS)

41 % OF GROSS MONTHLY

INCOME (MORTGAGE PAYMENT + ALL DEBTS)

$ 15,000 $ 363 $ 513
$ 20,000 $ 486 $ 683
$ 25,000 $ 604 $ 854
$ 30,000 $ 725 $ 1025
$ 35,000 $ 846 $ 1196
$ 40,000 $ 967 $ 1367
$ 45,000 $ 1088 $ 1538
$ 50,000 $ 1208 $ 1708
$ 55,000 $ 1329 $ 1879
$ 60,000 $ 1450 $ 2050
$ 65,000 $ 1571 $ 2221
$ 70,000 $ 1692 $ 2392
$ 75,000 $ 1813 $ 2563
$ 80,000 $ 1933 $ 2733
$ 85,000 $ 2054 $ 2904
$ 90,000 $ 2175 $ 3075
$ 95,000 $ 2296 $ 3246
$ 100,000 $ 2417 $ 3417

 

GROSS MONTHLY INCOME

__________

MONTHLY OBLIGATIONS

AUTO PAYMENTS

__________

MONTHLY CHARGE CARD PAYMENTS

__________

LOANS

__________

CHILD SUPPORT/ALIMONY

__________

CHILD CARE EXPENSES (FHA ONLY)

__________

OTHER MONTHLY PAYMENTS

__________

TOTAL MONTHLY OBLIGATIONS

__________
IF YOU DON’T HAVE ANY MONTHLY OBLIGATIONS THEN YOU’LL QUALIFY FOR THE MONTHLY PAYMENT FOUND IN COLUMN (B)

 

IF YOU HAVE MONTHLY OBLIGATIONS, THE TOTAL OF THOSE OBLIGATIONS AND YOUR MONTHLY MORTGAGE PAYMENT CAN NOT EXCEED THE AMOUNT IN COLUMN (C)

CALCULATE FUNDS AVAILABLE FOR YOUR MONTHLY MORTGAGE BY SUBTRACTING YOUR MONTHLY OBLIGATIONS FROM THE AMOUNT IN COLUMN (C) FOR YOUR PARTICULAR INCOME BRACKET. THE REMAINING BALANCE IS THE AMOUNT YOU CAN SPEND FOR YOUR MONTHLY HOUSE PAYMENT.

EXAMPLE:
INCOME $50,000 YOU CAN SPEND MONTHLY $ 1708
MINUS MONTHLY OBLIGATIONS (CAR PAYMENTS AND CREDIT CARD TOTAL -$ 750
LEFT OVER FOR MONTHLY MORTGAGE PAYMENT $  958

 

REMEMBER YOUR MONTHLY MORTGAGE PAYMENT INCLUDES PRINCIPLE, INTEREST, TAXES AND INSURANCE. TO CALCULATE THE MAXIMUM SALES PRICE FOR A HOUSE CONTACT ME. I’LL BE HAPPY TO GIVE YOU AN ESTIMATE OR BETTER YET LET’S GET STARTED, ONE OF THE STEPS LISTED IN  "WHAT STEPS MAKE BUYING EASIER" ON MY WEBSITE IS TO GET PRE-QUALIFIED THROUGH A LOAN OFFICER.

Copyright 19972002 Chris Havemann All Rights Reserved.

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