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Loan Qualify Long Form Calcs
4x 5x W
Tech Support Addenda #0160
Loan Qualify Long Form Calcs:
- Loan Amount = (Property Price - Down payment) + (Points %
* Property Price) + Fees
- Loan To Value % = (Loan Amount/Property Price) * 100
- PITI = Front End Factor * Gross Monthly Income
- Front End Income = PITI - (Taxes + Insurance)
- Back End Income = Monthly Income - ((Monthly Income * Back
End Ratio) + Month Debt + Tax + Insurance)
- Monthly Interest = Yearly Interest / 1200
- Payment Factor (Not Displayed) = (1 + Monthly Interest)^Periods
)/((1 + Monthly Interest)^Periods - 1)
- Maximum Loan = …
- If Front End Income is Smaller: Front End Income / Payment
Factor
- If Back End Income is Smaller: Back End Income / Payment Factor
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