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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