Buyer's Mortgage Qualification Guide

To calculate the mortgage amount for which you qualify:

Mortgage Amount$ __________
Add monthly principal and interest
payment from chart on next section.

$ __________
Add monthly real estate tax:$ __________
Add monthly insurance payment:$ __________
Total Basic Monthly Housing Cost$ __________


The total basic monthly housing cost is normally based on 25% to 28% of the gross monthly income depending on the lending institutions and types of financing. Yearly Income required to qualify (from chart below).

Gross
Yearly
Income
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
$55,000
$60,000
$65,000
$70,000
$75,000
$80,000
$85,000
$90,000
$95,000
$100,000
25% of Gross
Monthly
Income
$313
$417
$521
$625
$729
$833
$938
$1042
$1146
$1250
$1354
$1458
$1563
$1667
$1771
$1875
$1979
$2083
28% of Gross
Monthly
Income
$350
$467
$583
$700
$817
$933
$1050
$1167
$1283
$1400
$1516
$16332
$1750
$1867
$1983
$2100
$2217
$2333
33% of Gross
Monthly
Income
$413
$550
$688
$825
$963
$1100
$1238
$1375
$1513
$1650
$1788
$1925
$2962
$2200
$2338
$2475
$2613
$2750
36% of Gross
Monthly
Income
$450
$600
$750
$900
$1050
$1200
$1350
$1500
$1650
$1800
$1950
$2100
$22502
$2400
$2550
$27005
$2850
$3000


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Bob Harrod Re/Max Stars
710 S. Main Street
Mount Vernon, Oh 43050
740-392-7000

Copyright 1998 Bob Harrod/Re/Max Stars.... Designed, produced by ECR