Using the calculator: 

• The Calculator is set to default for 3.5% of purchase price, as a Cash Down Payment for qualifying. 

• Enter each buyer's hourly income (40 hours a week)

• Enter each buyer's Monthly credit debts.(car, credit card, school, etc.)

• Enter a random purchase price  for a home. ($275,000) 

• PRESS SUBMIT: eash time you change entries.

• The answer you see will show you various 30 year fixed interest rates and the full monthly payment associated with each interest rate. Including Mortgage Ins.

• The Mortgage Insurance Premium (MIP) is added to the 1st loan for these examples. (saves you 1.75% Cash at closing for this fee)

• If you see any answer in red, that indicates you most likely won't qualify for that rate.

• Look for answers not in red, that's where you have a better chance of qualifying. 

• Adjust the purchase price until there is no red next to the interest rate.  

• Current Trending rates are from line 1 to 20 on the calculator answers.

• Now when calculating for the NO Money Down Program, use #2 calculator to calculate the 2nd loan payment. Do this by entering 3.5% of the purchase price as loan amount. in put 1% as down payment. Then input 6% for the rate, then select a 10 year term. 

• Use that payment amount $ XYZ on payment line, not any other numbers,Then go back to #1 calculator and ADD that payment to debts for an estimated full PITI MI payment. 

• Feel free to text me any questions you have to use the calculators.

• Remember this is a starting point to give you a very very close pre qualifing payment.

 

Disclosure:

• This calculator is NEW and subject to malfunctioning.

• Its a great start to qualifying yourself before you speak to anyone about preapprovals for a  home purchase loan.

• This is not a commitment to lend.

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