QUALIFYING
How Much Money Will The Bank Loan Me?
>Do I Qualify for A "90% LTV *Conventional Loan"?
(90% LTV*
means I would have to have 10% of the purchase price as a down payment)
|
Primary Income: |
____________ |
TOTAL INCOME |
|
Secondary Income: |
____________ |
Ttl Income. X 28% |
|
Misc. Income: |
____________ |
(P&I** Pmt cannot exceed the 28% amt) |
Monthly obligations & balances (i.e. credit cards, auto loans, child care):
Monthly
Debts:
_______________ Debt
Balances:
_________________________________________________________________
_________________________________________________________________
_________________________________________________________________Debt
Balances:
_________________________________________________________________
_________________________________________________________________
_________________________________________________________________
|
TOTAL DEBTS: _________________ |
Ttl
Income X 36% |
| <$>: This balance is the maximum P&I** payment you can qualify for, but only if it is not greater than 28% of your monthly income. If it is greater, then 28% of your monthly income is the maximum P&I** payment you can qualify for. | |
>Do I Qualify for A "95% LTV *Conventional Loan"?
(95% LTV*
means I would have to have 5% of the purchase price as a down payment)
|
Primary Income: |
____________ |
TOTAL INCOME |
|
Secondary Income: |
____________ |
Ttl Income. X 25% |
|
Misc. Income: |
____________ |
(P&I** Pmt cannot exceed the 25% amt) |
Monthly obligations & balances (i.e. credit cards, auto loans, child care):
Monthly
Debts:
_______________ Debt
Balances:
_________________________________________________________________
_________________________________________________________________
_________________________________________________________________
|
TOTAL DEBTS: _________________ |
Ttl
Income X 33% |
| <$>: This balance is the maximum P&I** payment you can qualify for, but only if it is not greater than 25% of your monthly income. If it is greater, then 25% of your monthly income is the maximum P&I** payment you can qualify for. | |
*LTV =
Loan To Value
**P&I = Principle & Interest
<<These figures are estimates only and are strictly used to give you, as a prospective buyer, guidance in applying for the proper loan. This is not a guarantee that you will receive a loan of this nature, as there are several factors used in qualifying for financing, including, but not limited to, your credit history & employment verification. These factors as well as application for a loan and final estimates should be obtained from a loan officer.>>