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Qualification Worksheet for a Conventional Mortgage

Income

  Gross Monthly Income
Salary or wages $
Other salary or wages $
Rental income $
Investment Income $
Additional Income $
Total Income $

First Qualifying Number

Total monthly income x 0.29 = 

$

Second Qualifying Number

Total monthly income x 0.40 =

$

 
Long - Term Debts
  Monthly Debt
Car loan payment $
Credit Card payments $
Other loan payment $
Other loan payment $
Student Loan Payments $
Total Debts $

  Subtract total monthly debts from the second qualifying number.  This is the maximum 
amount of housing payments for which you would qualify.  However, it cannot exceed
the first qualifying number.
IMPORTANT: This worksheet provides a rough estimate for conventional, fixed-term

mortgages.  Loan terms vary depending on type of mortgage and lender policies.
Consult a professional lender for exact data.

Home Locations & Hours
Okmulgee: (918)756-8440 Henryetta: (918)652-4455