:: Joanne Allen Real Estate

Sample Mortgage Qualifying Worksheet

	Example 1	Example 2	Your Figures
Borrower Monthly Income	$1500	$1400
Co-Borrower Monthly Income	$1200	$1050
Total Monthly Income	$2700	$2450
Multiply by 28%	x .28	x .28	x .28
Allowable Housing Costs	$756	$686

Home Purchase Price	$85,000	$85,000
Less Downpayment	- $8500	- $8500
Mortgage Amount	$76,500	$76,500
Monthly Payment (including tax/insurance)	$669.66	$669.66
Comment	QUALIFIES	QUALIFIES
Total Monthly Income	$2700	$2450
Multiply by 36%	x .36	x .36	x .36
Total Allowable Monthly Debt	$972	$882

Monthly Debt: Car Payment(s)	$288	$167
Monthly Debt: Credit Card Payment(s)	$157	$18
Other Monthly Debts	$84	0
Monthly Housing Payment	$669.66	$669.66
Total Monthly Debts including Housing	$1198.66	$854.66
Comment	DOES NOT QUALIFY - EXCESSIVE DEBT	QUALIFIES