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Loans News

19
Dec

FHA Loan Calculator -How To Qualify For FHA Loan

Use this FHA loan calculator to see if you qualify. For more information on how to qualify for fha loan read the FHA loan requirements. You can see below for more FHA Loan Calculators.

See if your income is sufficient to qualify:

Desired Mortgage for New Home
Mortgage Length
Years
Interest
%
Annual Tax
Total Monthly Payments in Non-Mortgage Debt
(i.e.
car, student loans, credit cards, etc).

Summary:

Monthly Principal + Interest
Total Housing Payment (tax & insurance included)
Required Salary

Your salary must meet the following two conditions:

  1. Your gross (pre-taxes) monthly salary must be greater than 28% of
    the sum of the monthly mortgage and monthly tax payments.
  2. Your gross (pre-taxes) monthly salary must be greater than 35% of
    the sum of the monthly mortgage, monthly tax and other monthly debt
    payments.


DISCLAIMER: The prequalification figures above
are based upon conventional program guidelines. Other loan programs
are available. Calculations by this tool are believed to be accurate,
yet are not guaranteed. Further review is necessary to obtain an exact
qualification. If you have less than 20% equity in your home, a monthly
mortgage insurance payment may be required.

Popular Search Terms For This Article Are:
how to qualify for fha loan in 2011, fh loan, FH loans
Category : Loans News | Mortgages | Blog
19
Dec

FHA Loan Types – FHA Loan Guidelines

There are different types of FHA loans available to would-be borrowers. Using the FHA loan guidelines below, you can find out which one is most suitable for your needs. Remember you must also meet all the FHA Loan Requirements before yo can obtain your loan.

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Category : Loans News | Mortgages | Blog