Telephone: (281) 361-2200
  Email: Sara@snowak.com
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Home Financing Guide
Mortgage Qualification Guide
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To calculate the mortgage amount for which you qualify:

 

Mortgage Amount $ __________
Add monthly principal and interest
payment from chart on next section.

$ __________
Add monthly real estate tax: $ __________
Add monthly insurance payment: $ __________
Total Basic Monthly Housing Cost $ __________


The total basic monthly housing cost is normally based on 29% to 41% of the gross monthly income depending on the lending institutions and types of financing. The following chart provides approximate figures for mortgage qualifications.

Gross
Yearly
Income
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
$55,000
$60,000
$65,000
$70,000
$75,000
$80,000
$85,000
$90,000
$95,000
$100,000
29% of Gross
Monthly
Income
$363
$483
$604
$725
$846
$967
$1088
$1208
$1329
$1450
$1571
$1692
$1813
$1933
$2054
$2175
$2296
$2417
35% of Gross
Monthly
Income
$438
$583
$729
$875
$1021
$1167
$1313
$1458
$1604
$1750
$1896
$2042
$2188
$2333
$2479
$2625
$2771
$2917
41% of Gross
Monthly
Income
$513
$683
$854
$1025
$1196
$1367
$1538
$1708
$1879
$2050
$2221
$2392
$2563
$2733
$2904
$3075
$3246
$3417

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Sara Nowak, Realtor®, RE/MAX Associates of Kingwood
2815 W. Lake Houston Pkwy  •  Kingwood, Texas 77339
Tel: (281) 360-6616  or (281) 361-2200  •  Fax: (281) 360-6423
E-Mail: Sara@snowak.com


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