December 11, 2017

Your Realistic Purchase Power

 

Realistically assessing your finances upfront will streamline the home financing process.

 

1.  Monthly Income

Wages, salaries, business income after expenses                            ___________

Interest, dividends, or rental income                                                 ___________

Other income:

(alimony, child support, pensions, or Social Security)                       ___________

 Total Monthly Income (Step 1)                                       $ _____________

 

2.  Monthly Expenses

Monthly Credit Card Payment                                                            ___________

Auto Loan                                                                                          ___________

Student Loans                                                                                   ___________

Monthly Payments (other than a mortgage)                                      ___________

Alimony or child support you owe                                                    ___________

Total Monthly Expenses    (Step 2)                                 $ _____________

 

3.  Amount Available for Monthly Housing Expense

Total Monthly Income (Step 1)                                                         ___________

Minus total Monthly Expenses (Step 2)                                            ___________

Total Amount Available for Monthly Housing Expenses

(Step 3)                                                                    $ _____________

 

4.  Monthly Estimated Housing Expense

Mortgage loan payment (principal and interest)                             ___________

Property Taxes                                                                                 ___________

Mortgage Insurance                                                                         ___________

Homeowner’s Insurance (liability, flood, fire)                                  ___________

Other (homeowners association dues HOA)                                    ___________

Total Monthly Estimated Housing Expense  (Step 4)        $    _____________

 

5.  Qualifying Ratios

**You must stay below 45% Debt to Income ratio**

(Total Step 2 + Total Step 4) / Total Step 1 (Step 5)                        _________ %

 




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