Your salary must meet the following two conditions:
Your gross (pre-taxes) monthly salary must be greater than 28% of the sum of the monthly mortgage and monthly tax payments.
- Your gross (pre-taxes) monthly salary must be greater than 36% of the sum of the monthly mortgage, monthly tax and other monthly debt payments.
DISCLAIMER: The prequalification figures above are based upon conventional program guidelines. Other loan programs are available. Calculations by this tool are believed to be accurate, yet are not guaranteed. Further review is necessary to obtain an exact qualification. If you have less than 20% equity in your home, a monthly mortgage insurance payment may be required.