Pre-qualify for a Home Mortgage
This worksheet will help you determine the maximum mortgage you
would be likely to receive. Using this information, you will be
able to determine the price range of home you would qualify to purchase.
To use this worksheet, just print it out and fill in the information
requested. If you would like Absolute Financial Lending Services,
LLC to do these calculations for you using the most up-to-date
interest rate information, please go to the Prequalification Form
and submit your information directly to Absolute Financial.
Or, simply make a phone call and speak
with one of our loan originators.
800-414-0064
--------------------------------------------------------------------------------
Name: (B)___________________ Address: _____________________________
(CB)__________________ _____________________________
Telephone: (Day)___________________ (Evening)____________________
Income: Borrower Co-Borrower Combined Total
Gross Monthly Income __________ __________ __________
Other Income __________ __________ __________
Total Gross Monthly Income (A) $__________
Debt Obligations: Balance Payments
Installment Debts (> 10 months) __________ __________
__________ __________
Revolving Debts __________ _________
__________ __________
__________ __________
Child Support/Alimony/Maintenance __________
Total Monthly Debt Obligation (B) $__________
Cash in Bank: Name of Bank Balance
Checking Account ______________________ __________
Savings Account ______________________ __________
Gift Accounts ______________________ __________
Total Cash for Down Payment/Closing Costs
$__________
Gross Monthly Income (A) x0.33= $__________ (C)
(front end ratio if conventional)
x0.38= $__________ (D) (back end ratio if conventional)
x0.29= $__________ (C) (front end ratio if RD)
x0.41= $__________ (D) (back end ratio if RD or Federal VA)
(C)=Maximum PITI; front end ratio (D)=Maximum PITI and all other
debt; back end ratio
Determine which of the above loan products and applicable ratios
will suit your needs
Total Monthly Allowable Debt Obligations (D) $__________
Minus Present Debt Obligations (B) -__________
Maximum Allowable PITI (E) $__________ or (C) whichever is less
(E)=The maximum allowable PITI and PMI. (E) is determined
by the lesser of (C) maximum PITI and PMI or (D - B) Total Monthly
Debt Obligations minus Total Present Monthly Debts.
Maximum Allowable PITI and PMI (lesser of C or (D
- B)) (E) $__________
minus estimated monthly taxes -T ___________
minus estimated monthly housing insurance -I ___________
minus estimated monthly PMI -PMI ___________
Total Allowable Monthly Principal and Interest Allowable PI $_____________
click
on the image for printable form
