There are various government-backed refinance programs that are designed to make the home-purchasing process easier for Americans. These programs are ai...More
Total Cash Required
Minimum Monthly Income Required (before taxes and expenses)
Maximum Debt Service Permitted
Based on the purchase price of the desired home of $250,000.00, down payment of 10%, term of 30 years, interest rate of 5%, 1 points, monthly private mortgage insurance of $100, closing costs of 3, and annual property taxes and insurance of 1.25%, you will need a minimum monthly income (before taxes and expenses) of $1,568.27. You will need approximately $34,750.00 to qualify for the loan. Furthermore, the maximum amount of debt that you can service is $392.07. Key factors to look at involve your monthly housing expense of $1,568.27, which is calculated by adding your mortgage payment of $1,207.85 to your taxes and hazard insurance of $260.42 and monthly mortgage insurance of $100.