#bankrate auto loan calculator
Required Annual Income:
This does not include upfront mortgage insurance if needed. Your salary must meet the following two conditions on FHA loans:
- The sum of the monthly mortgage and monthly tax payments must be less than 31% of your gross (pre-taxes) monthly salary.
- The sum of the monthly mortgage, monthly tax and other monthly debt payments must be less than 43% of your gross (pre-taxes) monthly salary.
DISCLAIMER: The figures above are based upon current FHA program guidelines. FHA requires a 3.5% down payment as well as an upfront and monthly mortgage insurance in many cases. Other loan programs are available. Calculations by this tool are believed to be accurate, yet are not guaranteed. See upfront and monthly calculations: FHA Mortgage Insurance Requirements .
Helpful Answers are Ready:
Can I remove MIP from my FHA if my home value goes up?
My home value has risen enough within the last year to where what I owe is 80% of the current value of the home.
I had a bankruptcy not long ago. How long do I have to wait before applying for an FHA loan?
I put in an offer on a home and the contract was accepted. The processing of our loan took longer than necessary and the appraisal in now 90 days old.
Can I pay my FHA loan in full without being penalized or charged for early payoff of the loan?
I obtained an FHA loan in 2010 and recently inherited some money from my dad’s estate. It’s enough to pay off my mortgage loan.