The Home Financing Guide

Buyer Qualification Worksheet

FHA/Conventional

 
  Print out a copy and use as a guide.  Actual loan qualification and loan amount will depend on job and credit history and income.  
Mortgage Amount $__________
Available Funds:
Savings Account $__________
Investments (stocks, bonds and mutual funds) $__________
Insurance (cash value) $__________
Gifts - Conventional $__________
Gifts - FHA (family member or blood relative) $__________
Other $__________
Monthly Salary $__________
Gross Monthly Income (A) $__________


Monthly Payment:
Principal & Interest
Taxes $__________
Hazard Insurance $__________
PMI (Private Mortgage Insurance) $__________
Homeowner Association Dues $__________
Total Mortgage Payment (B) $__________

Income Qualification: FHA - Take 29% of line (A)
Conventional - Take 33% of line (A) (Assuming at least 10% down payment)
Total Mortgage Payment (B) must
not exceed line (C)		 (C) $__________


Debt Qualification:
Total Mortgage Payment (B) $__________
Auto Payments* $__________
Monthly Charge Card Payments
(minimum payments) $__________
Loans* $__________
Child Support/Alimony $__________
Child Care Expenses (FHA Only) $__________
Other Monthly Payments $__________
Total Monthly Obligations (D) $__________

Allowable Obligations: FHA - Gross Income (A) x 41% or
Conventional - Gross Income (A) x 38%
Total Monthly Obligations (D) must
not exceed line (E)		 (E) $__________


*You need only count debts that will extend beyond six months (FHA) or 10 months (CONV). However, if an obligation is greater than $100 per month, it may count against the buyer even if it has less that the allowed time.