Your
salary must meet the following two conditions:
- 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 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.
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