Your salary must meet the following two
- Your gross (pre-taxes) monthly salary must be greater than 28% of
the sum of the monthly mortgage and monthly tax payments.
- Your gross (pre-taxes) monthly salary must be greater than 35% of
the sum of the monthly mortgage, monthly tax and other monthly debt
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.