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                               PRE-QUALIFY WORKSHEET

 

Check to see if Your Income is Sufficient to Qualify
Desired Mortgage for New Home

Mortgage Length

Years
Interest %
Annual Tax
Total Monthly Payments in Non-Mortgage Debt (i.e. car, student loans, credit cards, etc).
 
Summary
Monthly Principal + Interest
Total Housing Payment (tax & insurance included)
Required Salary
Debt To Income Ratio (DTI)                                            %
Your salary must meet the following two conditions:
  1. Your gross (pre-taxes) monthly salary must be greater than 40% of the sum of the monthly mortgage and monthly tax payments.
  2. Your gross (pre-taxes) monthly salary must be greater than 50% of the sum of the monthly mortgage, monthly tax and other monthly debt payments.

Your Debt to income ratio must not be greater than 50%.

 

 

 

DISCLAIMER: The pre-qualification figures above are based upon conventional program guidelines. Other loan programs are available. Calculations by this tool are believed to be accurate, yet are not guaranteed. Further review is necessary to obtain an exact qualification. If you have less than 20% equity in your home, a monthly mortgage insurance payment may be required.


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