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.
|
