CURTIS & LORI SAVE BUYERS TIME AND MONEY
Estimated Price of Home You Can Afford
Lending institutions determine the amount of home loan for which you qualify based upon [1] household income, [2] house payment, [3] total debt obligations (including other loans such as credit cards), and [4] type of loan.
Max Monthly Payment as % of Income |
Home Loan Type |
House |
Total Debt |
FHA |
29 % |
41 % |
Conventional |
28 % |
36% |
As an example, for a FHA loan with an annual income of $42,000, divide by 12 to get the monthly income of $3,500. Then, take 29% of this to get the maximum monthly house payment and 41% of this to get the maximum monthly total recommended debt obligation, or
Max Monthly House Pay = [$3500] X [0.29] =$ 1015
Max Monthly Total Debt = [$3500] X [0.41] =$ 1435
Loan Application Checklist
EMPLOYMENT/SOURCE OF INCOME
*Name, address and W-2's of all employers for past two years
*Most recent pay stubs covering one full month
Self Employed Borrower
*Balance Sheet and Year-To-Date Profit and Loss
*Two years signed tax returns with all attachments
(INDIVIDUAL, CORPORATE, AND PARTNERSHIP)
SOURCE OF FUNDS FOR CLOSING
*Name, address and account numbers for all checking and savings accounts
*Three most recent bank statements for all accounts
*Closing statement on sale of prior home
LIABILITIES/DEBT
*Provide: 1) account numbers 2) monthly payments 3)approximate balance for all debts such as:
*Credit Cards *Unsecured/Signature Loans
Monthly Payment Estimator
Loan Amount |
Monthly Principal & Interest Payment
for 30 Year Loan at Interest Rate |
Tax&
Ins
(est) |
7 % |
7.5 % |
8 % |
8.5 % |
9 % |
90, 000 |
598 |
629 |
660 |
692 |
724 |
120 |
100, 000 |
665 |
699 |
734 |
768 |
805 |
133 |
110, 000 |
731 |
769 |
807 |
845 |
885 |
146 |
120, 000 |
798 |
839 |
881 |
922 |
966 |
160 |
130, 000 |
864 |
908 |
954 |
999 |
1, 046 |
173 |
140, 000 |
931 |
987 |
1, 027 |
1, 076 |
1, 126 |
186 |
150, 000 |
997 |
1,048 |
1, 101 |
1, 153 |
1, 207 |
200 |
160, 000 |
1, 064 |
1, 118 |
1, 174 |
1, 230 |
1, 287 |
213 |
170, 000 |
1, 131 |
1, 188 |
1, 247 |
1, 307 |
1, 368 |
226 |
180, 000 |
1, 197 |
1, 258 |
1, 321 |
1, 384 |
1, 446 |
240 |
190, 000 |
1, 264 |
1, 328 |
1, 394 |
1, 460 |
1, 529 |
253 |
200, 000 |
1, 330 |
1, 398 |
1, 468 |
1, 537 |
1, 609 |
266 |
210, 000 |
1, 397 |
1, 468 |
1, 540 |
1, 614 |
1, 689 |
280 |
220, 000 |
1, 463 |
1, 538 |
1, 614 |
1, 691 |
1, 770 |
293 |
230, 000 |
1, 530 |
1, 608 |
1, 687 |
1, 768 |
1, 850 |
306 |
240, 000 |
1, 596 |
1, 678 |
1,761 |
1, 845 |
1, 931 |
320 |
250, 000 |
1, 663 |
1, 748 |
1, 835 |
1, 923 |
2, 012 |
334 |
3% Down & Closing Cost Estimator
Sales
Price |
Down Payment |
Closing Costs & Prepaid's |
Buyers Total to Close |
Total to Close with seller Paying Closing Costs |
90, 000 |
2, 700 + |
2,800 |
= 5,500 |
2,700 |
100, 000 |
3, 000 + |
3,000 |
= 6,000 |
3,000 |
110, 000 |
3, 300 + |
3,200 |
= 6,500 |
3,300 |
120, 000 |
3, 600 + |
3,400 |
= 7,000 |
3,600 |
130, 000 |
3, 900 + |
3,600 |
= 7,500 |
3,900 |
140, 000 |
4, 200 + |
3,800 |
= 8,000 |
4,200 |
150, 000 |
4, 500 + |
4,100 |
= 8,600 |
4,500 |
160, 000 |
4, 800 + |
4,400 |
= 9,200 |
4,800 |
170, 000 |
5, 100 + |
4,700 |
= 9,800 |
5,100 |
180, 000 |
5, 400 + |
5,000 |
= 10,400 |
5,400 |
190, 000 |
5, 700 + |
5,300 |
= 11,000 |
5,700 |
200, 000 |
6, 000 + |
5,500 |
= 11,500 |
6,000 |
210, 000 |
6, 300 + |
5,500 |
= 11,800 |
6,300 |
220, 000 |
6, 600 + |
5,800 |
= 12,400 |
6,600 |
230, 000 |
6, 900 + |
5,800 |
= 12,700 |
6,900 |
240, 000 |
7, 200 + |
6,000 |
= 13,200 |
7,200 |
250, 000 |
10, 000 + |
6,200 |
= 16,200 |
10,000 |
|
