ABCDEFGHIJKLMNOPQRSTUVWXYZ
1
2
Income
3
4
Wages
5
Spouse's WagesADD
6
Child SupportADD
7
SSIADD
8
Social SecurityADD
9
Other- Food Stamps ADD
10
Rent
11
Total Income$0.00
12
13
Montly Debt
14
15
Mortgage (RENT)ADD
16
InsuranceADD
17
TaxesADD
18
Water/SewerADD
19
20
Total Monthly Housing Debt$0.00
21
22
Car Loan PaymentADD
23
Credit Card DebtADD
24
Student Loan DebtADD
25
Other DebtADD
26
27
Total Other Debt $0.00
28
29
Grand Total Debt$0.00
30
31
32
Front End Ratio of 31 Percent0.31$0.00
33
34
Back End Ratio of 43 Percent0.43$0.00
35
36
Actual Front End#DIV/0! Rent/Mortgage
37
38
Actual Back End#DIV/0!
Rent/Mortgage + Debt
39
40
41
42
43
44
45
46
47
48
**********************************************************************************
49
50
PREQUALIFYING WORKSHEET
51
52
Total Gross Monthly Income (GMI) ADD1
53
54
Housing & Debt Ratios
55
56
GMI x Housing Ratio0.33#VALUE!2x
57
GMI x Debt To Income Ratio0.38#VALUE!3
58
59
(28/36 - Standard)
60
(33/38 - Community Lending)
61
(31/43 - FHA)
62
63
Total Long-Term Debt PaymentsADD4
64
(Any Debts 10+ Months or Longer)
65
66
Subtract Line (4) from Line (3)#VALUE!5x
67
68
Enter Whichever Is Less, Line (2) or Line (5)ADD6
69
70
Set Aside For Escrow Account
71
72
Multiply Line (6) by 30%0.25#VALUE!7
73
(Estimated Taxes & Insurance)
74
75
Subtract Line (7) from Line (6)#VALUE!8
76
(Maximum Principle & Interest Payment Allowed)
77
78
Divide Line (8) by Factor From Factor Table4.22#VALUE!9
* Current Interest Rate
79
80
Multiply Line (9) by $1,000$1,000.00#VALUE!10*
81
82
Line (10) is Maximum Mortgage Loan Amount
83
84
Maimum Purchase Price
85
(Divide Line (10) by the LTV Factor _____%0.97#VALUE!11*
86
87
****Down Payment Required***
88
(Subtract Line (10) from Line (11)#VALUE!12
89
90
91
3% - 4.22
92
4% = 4.78
** this is an aproximation
93
4.25% = 4.92meet w/ Lender
94
4.5% = 5.07
95
4.75% = 5.22
96
5% = 5.37
97
5.25% = 5.53
98
5.5% = 5.68
99
5.75% = 5.84
100
6% = 6