JMS Financial Services Home Finance Tools | September 8, 2010 11:26 am

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Believe it or not, there is a formula to determine if you can qualify for a loan.

How much can you afford?

See if Your Income is Sufficient to Qualify
Loan Amount Desired?
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
Required Salary
Your salary must meet the following two conditions: Your gross (pre-taxes) monthly salary must be greater than 28% of the sum of the monthly mortgage and monthly tax payments. 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.