Pre-Qualification Worksheet
[Pages:1]Pre-Qualification Worksheet
Income
BORROWER
CO-BORROWER
Gross Monthly Salary ____________________________ Overtime (2 yr. avg.) _____________________________ Other. _________________ ____________________
Gross Monthly Salary _____________________________ Overtime (2 yr. avg.) ______________________________ Other. ________________ _____________________
Total Gross Monthly Income For Borrower & Co-Borrower ________________________________________ (A)
Debts (List all mortgages, ear payments, student loans, credit cards. etc.)
Creditor _________________________________________ _________________________________________ _________________________________________ _________________________________________ _________________________________________
Monthly Payment ____________________ ____________________ ____________________ ____________________ ____________________
** Include all liabilities for the calculation of "B" **
Alimony/Child Support_____________________________________________
Unpaid Balance _________________ _________________ _________________ _________________ _________________
Total Monthly Payments For Borrower & Co-Borrower _____________________ (B)
Qualified House Payment
QUALIFICATI0N FOR A CONVENTIONAL LOAN
Total Gross Income (A) ___________________________ X 36% = ____________________________
Minus Total Monthly Payments (-)
_______________________________
Equals Qualified House Payment (=)
________________________________
QUALIFICATION FOR A FHA/VA A LOAN
Total Gross Income (A) ___________________________ X 41% = ____________________________
Minus Total Monthly Payments (-)
_______________________________
Equals Qualified House Payment (=)
________________________________
QUALIFIED HOUSE PAYMENT FOR BORROWER AND CO-BORROWER ________________________ (C)
Proposed Monthly Housing Expense Principal & Interest at ___________% Hazard Insurance Property Taxes PMI/MIP Total
________________ ___________________ ___________________ _______________________ ___________________
Total Proposed Monthly Housing Expense For Borrower And Co-Borrower ___________________________ (D)
If (C) is greater than or equal to (D) borrower is qualified If (D) is greater than or equal to (C) borrower is not qualified unless there are other Compensating Factors.
Liquid Assets Available For Down Payment, Closing Costs, & Pre-paids
$ __________________
SOURCE _________________________________________________________
8514 Hwy 6 North ? Houston, TX 77095 ? Tel: 281-856-0808 ? Fax: 281-856-2630 A licensed Affiliate of Megamerica Mortgage Group, Inc.
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