| To
estimate the monthly payment and loan amount you can qualify for,
do the following:
|
| First,
go to the Mortgage Calculator and estimate a loan amount &
interest rate, plus estimated monthly taxes & hazard
insurance to derive at an estimated total monthly payment.
|
| Second,
combine the estimated total monthly payment with the total monthly
payments of all other monthly debt you have. (credit cards, car
payments, loans etc.
|
| Third,
figure your combined annual income and divide by 12 to derive at a
totally monthly income figure. (combine both Borrower &
Co-Borrowers gross annual income)
|
| Fourth,
divide the combined totals of the estimated mortgage payment plus
all other monthly debt into your combined monthly income figure. If
that percentage figure is less than 40, you can most likely qualify
for that payment and mortgage amount.
|
|
Keep
trying different scenario's until you qualify!
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|
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