That is information about FHA Mortgage Calculator. Credit requirements for FHA Loan are comparatively less stringent as compared to Conventional Mortgage Loan, VA Mortgage Loan, USDA Home Loan. If the loan is auto approved by DU or LP and score requirements are met then other factors like lates (Not Mortgage Lates), collections, charge offs are accepted, relatively easily, by underwriters. The earlier score requirements were 620. Few FHA Home Loan lenders will accept such borrowers, if they have NO NEW lates in the last 12 months. Prospective Home Buyers should read comprehensive Lending information on FHA Loans, VA Mortgage Loans, USDA Loans, Conventional Loans.
Specifically we discussed the "how much loan do I qualify for" mortgage calculator. In the case of bonus and overtime income especially, your employer will need to verify that the continuance of the extra income is likely. So let's approach this calculation by steps. We need to calculate the approximate annual property tax rate. Mortgage insurance is paid by you but is to protect the lender against loss should you not make payments on the home. FHA mortgage insurance is calculated as 0.90% annually of the base loan amount. If the purchase price is $250,000 and the down payment is 3.5% ($8750.00) then the base loan amount will be the difference $241,250 and the monthly mortgage insurance will be $241,250 x 0.90 = $2,171.25 / 12 months or $180.94 monthly. If the loan you are seeking is a conventional loan, then the mortgage insurance rate can vary by credit score and down payment and region. The rate finder will give you a monthly mortgage insurance estimate. Assuming in this case that your pre tax household income is $6,000.00 then the housing payment you would qualify for is 33% x $6,000 or $1980.00. Pull the property tax and insurance and home owners association figures from this total housing payment number. Read previous article about Mortgage calculator amortization table.
Specifically we discussed the "how much loan do I qualify for" mortgage calculator. In the case of bonus and overtime income especially, your employer will need to verify that the continuance of the extra income is likely. So let's approach this calculation by steps. We need to calculate the approximate annual property tax rate. Mortgage insurance is paid by you but is to protect the lender against loss should you not make payments on the home. FHA mortgage insurance is calculated as 0.90% annually of the base loan amount. If the purchase price is $250,000 and the down payment is 3.5% ($8750.00) then the base loan amount will be the difference $241,250 and the monthly mortgage insurance will be $241,250 x 0.90 = $2,171.25 / 12 months or $180.94 monthly. If the loan you are seeking is a conventional loan, then the mortgage insurance rate can vary by credit score and down payment and region. The rate finder will give you a monthly mortgage insurance estimate. Assuming in this case that your pre tax household income is $6,000.00 then the housing payment you would qualify for is 33% x $6,000 or $1980.00. Pull the property tax and insurance and home owners association figures from this total housing payment number. Read previous article about Mortgage calculator amortization table.