Your
salary must meet the following two conditions:
| 1. |
Your gross (pre-taxes) monthly salary must be greater than
28% of the sum of the monthly mortgage and monthly tax payments.
|
| 2.
|
Your
gross (pre-taxes) monthly salary must be greater than 35%
of the sum of the monthly mortgage, monthly tax and other
monthly debt payments. |
DISCLAIMER:
The prequalification 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. |
