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| How Much Income Do I Need? |
| You can use this calculator to determine the Income Needed
and Debt Allowed to qualify for the specific loan amount using 28/36 qualification
ratios. Mortgage companies use ratios to analyze your mortgage payment.
The housing payment ratio (or front ratio) used in this calculation is 28%
and it compares your total mortgage payment to your monthly income. The
total debt expense ratio (or back ratio) is 36% and it compares your total
monthly obligations including your total mortgage payment to your monthly
income. |
NOTICE:
This calculator assumes conventional financing for all calculations however
the final amounts may be different depending on your circumstances. To ensure
accuracy it is recommended you obtain personal advice from qualified professionals.
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