Sample Mortgage Qualifying Ratios Ratio limits can vary by type of mortgage, downpayment and credit history   Example 1 Example 2 Your Figures Borrower Monthly Income $1500 $1400   Co-Borrower Monthly Income $1200 $1050   Total Monthly Income $2700 $2450   Multiply by 28% x.28 x.28   Allowable Housing Costs $756 $686   Home Purchase Price $85,000 $85,000   Less Downpayment -$8500 -$8500   Mortgage Amount $76,500 $76,500   Monthly Payment (including tax/insurance) Calculate $669.66 $669.66   Comment Qualifies Qualifies   Total Monthly Income $2700 $2450   Multiply by 36% x.36 x.36   Total Allowable Monthly Debt $972 $882   Monthly Debt: Car Payment(s) $288 $167   Monthly Debt: Credit Card Payment(s) $157 $18   Other Monthly Debts $84 0   Monthly Housing Payment $669.66 $669.66   Total Monthly Debts including Housing $1198.66 $854.66   Comment Does Not Qualify--Excessive Debt Qualifies    Click Here to See the Full Section Devoted to Mortgages Click Here to Get Competing Mortgage Offers
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