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.

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download