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EternalEnigma21 · 03-28-2005, 10:18 PM

Hey tafkas, my wife actually does mortgages for a living. She has access to over 650 lenders (though she usually only uses about 6 or so) and Im sure she would be willing to meet with you and discuss your options without obligation. There are literally hundreds of ways to structure loans to suit someones needs...

80-20 second trusts to avoit pmi

first time buyer programs offering 100% financing

Intrest only loans at low rates to make payments on usually unaffordable homes affordable

The qualification formula for someone based on income usually looks something like this:
Mortgage Qualification Calculations based on Annual income of 65555

Inputs

Gross annual income:
$65,555.00

Monthly debt payments:
$650.00

Down payment:
$5,000.00

Annual interest rate:
5.250%

Monthly Private Mortgage Insurance (PMI %):
0.00%

Monthly insurance:
$40.00

Monthly property tax:
$73.00

Length of the mortgage:
30

Maximum mortgage payment to income ratio (%):
28.00%

Maximum debt payments to income ratio (%):
36%

Results

Downpayment:
$5,000.00

Loan Amount:
$217,972.10

Home Price:
$222,972.10

Monthly Payment:
$1,203.65

Dont know if that helps but email me if you have any more questions & Ill get my wife to talk to you.

03-28-2005, 10:18 PM	#4
EternalEnigma21 Assistant Regional Mod Join Date: Mar 2005 Location: Carbondale CO Age: 45 Posts: 2,958	Re: Rent or Buy? Hey tafkas, my wife actually does mortgages for a living. She has access to over 650 lenders (though she usually only uses about 6 or so) and Im sure she would be willing to meet with you and discuss your options without obligation. There are literally hundreds of ways to structure loans to suit someones needs... 80-20 second trusts to avoit pmi first time buyer programs offering 100% financing Intrest only loans at low rates to make payments on usually unaffordable homes affordable The qualification formula for someone based on income usually looks something like this: Mortgage Qualification Calculations based on Annual income of 65555 Inputs Gross annual income: $65,555.00 Monthly debt payments: $650.00 Down payment: $5,000.00 Annual interest rate: 5.250% Monthly Private Mortgage Insurance (PMI %): 0.00% Monthly insurance: $40.00 Monthly property tax: $73.00 Length of the mortgage: 30 Maximum mortgage payment to income ratio (%): 28.00% Maximum debt payments to income ratio (%): 36% Results Downpayment: $5,000.00 Loan Amount: $217,972.10 Home Price: $222,972.10 Monthly Payment: $1,203.65 Dont know if that helps but email me if you have any more questions & Ill get my wife to talk to you.