Qualifying Information
A. Gross Annual Income Husband Wife
____________ _______________
Total
_________________ (Line A)
B. Gross Monthly Income Line A divided by 12
_____________ (Line B)
C. Monthly Allowable Housing Expenses and Long Term Obligations Line B multiplied by .36
_____________________
D. Monthly Allowable Housing Expenses
Line C minus long-term obligations or line B multiplied by .28 whichever is less
_________________________E. Monthly Principle and interest Line D multiplied by .80
________________________F. Estimated Mortgage Amount
Line E divided by the factor from the current rate and multiplied by 1,000
6.99 is the factor for a 7.5% loan
_________________________
G. Estimated Affordable Price Range Line F divided by .97 (depending on down payment)
