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ERIN'S CALCULATOR INSTRUCTIONS

When using the link for ERIN'S CALCULATOR

the following information will give you a better Idea what your

Monthly Targert Payment will be.

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1st - THE FHA updated guidelines have not been input to calculator-

The Monthly MI formula is using the old rate of (.80%) , the new Monthly MI Rate is (.55%) Annual of loan amount.

 ( Making the payment in this calculator a higher number than it will actual be. ( Lets call it- conservative payment)

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2nd -  Your looking for the CELL in RED, that shows a 45% ratio

                  ( updated Oct 2023 Ratios can go higher case by case ) 

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This will be a TARGET MONTHLY PAYMENT to look for in the NEXT calculator, ( FHA Calculator )  link located below.

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 ( If your income and debts are close to, or at 45% - this means your close to not qualifying for that monthly payment. REMEMBER - this is only a starting point to give you the knowledge how income and debts are looked at )

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EXAMPLE OF CELL NUMBERS IN RED TO LOOK FOR:
               Interest Rate -  Monthly PITI /MI  -  Mortgage Ratio %  -  Mortgage + Debt  - Housing + Debt Ratio %
     5.38%              $2,821.00                    40.69%                       $3,121.00                        45.01%
Click Here for Link to: Erin's Hourly Income Calculator
                       Click Here for Link to: FHA Calculator   
> Calculate your Target Monthly Payment w/Pre-Qual Formula
> See your Target Purchase Price 
> See the Interest rate you need to qualify for a purchase
(If the Link askes for any personal INFO/ DON'T GIVE IT just use the calculator)
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