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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