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Conventional Mortgage Qualification Worksheet |
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Income |
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Annual Income |
Monthly Income |
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Salary or wages |
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$4,166.67
0
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Other salary or wages |
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$0.00
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First Qualifying Number |
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Rental income |
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$0.00
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$50,000.00
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Investment income |
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$0.00
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x
0.28
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= |
$14,000.00
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Additional income |
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$0.00
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/12 |
= |
$1,166.67
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Total Income |
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$4,166.67
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Second Qualifying Number |
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Long-Term Debts |
Monthly Debt |
Annual Debt |
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$50,000.00
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Car loan payments |
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$0.00
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x0.36
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= |
$18,000.00
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Credit card payments |
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$0.00
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/12 |
= |
$1,500.00
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Other loan payment |
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$0.00
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$1,500.00
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Other loan payment |
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$0.00
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Total Debts |
$0.00
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$0.00
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Qualifying
The first qualifying number (above right) calculates
your maximum monthly payment, assuming you have no long-term debt. It is
computed by multiplying your total income by your housing cost ratio and
dividing the result by 12. The second qualifying number takes into account your
monthly debt payments, applying your total debt service ratio. Mortgage
companies usually qualify you for monthly payments that are no higher than the
lesser of the two results. By default, this worksheet assumes a housing cost
ratio of 0.28 and a total debt service ratio of 0.36, which are standards often
used for conventional mortgages. If different ratios apply in your case, change
the values in the cells below.
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