TEXAS FIVE STAR LENDER

How Much Do I Qualify To Purchase a House?

How Much Do I Qualify To Purchase a House?

The amount and interest rate you could qualify to purchase a house or refinance depends on many factors and accurate calculations. Some, but not all, of these factors are shown below: 

• Purchase price, 
• Down payment, 
• Loan amount
• Type of Mortgage: Conventional, FHA, VA, USDA, ARM, HELOC, Bank statement only, foreign national NONI (Non-Occupant No Income), 1031 Exchange loan Programs, etc.
• The terms of the loan are 30-year, 15-year, 20-year, etc.
• Purpose of the loan: Purchase primary resident, secondary resident, or purchase for investment (e.g., rentals), refinance, commercial, cash out, etc.

• Property Address: City, County, State, Zip code, neighborhood, ...
• Borrowers' Information: credit scores, income, debts, assets, liabilities, liquid cash, W-9 employee, self-employed, length of employment, position/title,

To get an accurate and official Information, please fill out the loan application from https://utopia.my1003app.com/955386.

For a quick estimate, use the following calculator:

Disclaimer: I have developed this calculation as a guideline, and it should not be considered an official pre-qualification letter. This calculation is based on several assumptions, such as the Borrower having good credit scores (700-719), a property Tax rate of 2.25% of the County's assessed value for Business (most Dallas and Collin County cities are almost around this number), DTI limits of 45% (for Conventional loans), 43% for FHA and 41% for VA loans. In contrast, some lenders approve up to 50% DTI, and Automatic Underwriting Systems allows up to 56.9% DTI for FHA loans, and etc.
Other factors such as home exempt eligibility and paying some points will affect and reduce your mortgage interest rate and mortgage payments that should be considered.

For more accurate and official number, please fill the loan application from https://utopia.my1003app.com/955386

*Monthly Income, before Tax. Include income from full-time, part-time work, self-employment, tips, commissions, overtime, bonuses, or other sources.	$
*Monthly Other Debts (Minimum monthly payments for other loans, Car loans, student loans, child support or alimony). It does not include utilities, insurance, or other expenses that you pay in full each month.	$
LOAN TYPE	CONV FHA VA
*Down Payment Percentage of the Purchase Price, e.g., 3.5%, 5%, 10%, 20%, etc.	%
Monthly Mortgage Insurance: PMI (for Conventional, or MIP+UFMIP (for FHA). If you don’t know your Monthly MI amount, select "I Don't Know, system calculates for you.	I dont know 50 100 150 200 250 300
*Loan Term, e.g., 15-year, 20-year, 30-year	30 20 15 -Year
*Interest Rate	%
Monthly HOA and/or Assessments (if any)
*Monthly Property Tax. Estimate about 2.25% of the Purchase price yearly for investors. This yearly Percentage is after all your exemptions. For Occupancy by Purchaser, use approximately 1.500%, and for Investor, use 2.25%.	1.5000 1.750 2.000 2.250 2.225 2.200 % Yearly
*Monthly Hazard Insurance. If you don’t have an actual number, Estimate about .5% of the Purchase price yearly.	0.5 0.6 0.7 0.8 0.9 1.0 % Yearly
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