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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