Homeownership FAST TRACK
| Current situation | Scenario B | Scenario C | Scenario D | Scenario E | ||
|---|---|---|---|---|---|---|
| Income | Yearly salary | |||||
| Monthly salary | $16,666.67 | $10,416.67 | $8,333.33 | $8,333.33 | $8,333.33 | |
| Debt | Monthly credit card debt | |||||
| Monthly car payments | ||||||
| Monthly student loans | ||||||
| Monthly child support payments | ||||||
| Monthly alimony payments | ||||||
| Monthly other debt (to relatives, etc.) | ||||||
| Total | $500 | $1,050 | $0 | $1,050 | $1,050 | |
| Insurance | Homeowners insurance (monthly) | $275.40 | $131.25 | $131.25 | $131.25 | $102.08 |
| Tax | Property tax (monthly) | |||||
| Home details | House sale price | |||||
| Down payment | ||||||
| Percent down payment | 5% | 7% | 7% | 20% | 9% | |
| Term (years) | 30 | 30 | 30 | 30 | 30 | |
| Loan amount | $894,236 | $420,000 | $420,000 | $360,000 | $320,000 | |
| Interest rate | Look up current at https://www.freddiemac.com/pmms | |||||
| Payment (mortgage) | $5,800.00 | $2,654.69 | $2,724.11 | $2,334.95 | $2,075.51 | |
| Housing costs (mortgage + ins + tax) | $6,704.89 | $3,235.94 | $3,305.36 | $2,916.20 | $2,527.60 | |
| Housing costs + debt | $7,204.89 | $4,285.94 | $3,305.36 | $3,966.20 | $3,577.60 | |
| Front end | 40% | 31% | 40% | 35% | 30% | |
| Back end | 43% | 41% | 40% | 48% | 43% | |
Loan Approval Matrix - Possibility of approval
| Loan Type / DTI | Current situation Front: 40% | Back: 43% |
Scenario B Front: 31% | Back: 41% |
Scenario C Front: 40% | Back: 40% |
Scenario D Front: 35% | Back: 48% |
Scenario E Front: 30% | Back: 43% |
|---|---|---|---|---|---|
| Conventional - Front End | NO | YES | NO | NO | YES |
| Conventional - Back End | YES | YES | YES | MAYBE | YES |
| FHA - Front End | MAYBE | YES | MAYBE | MAYBE | YES |
| FHA - Back End | YES | YES | YES | MAYBE | YES |
| VA - Front End | NO | YES | NO | NO | YES |
| VA - Back End | MAYBE | YES | YES | MAYBE | MAYBE |
| USDA - Front End | NO | MAYBE | NO | NO | MAYBE |
| USDA - Back End | MAYBE | YES | YES | NO | MAYBE |
Legend:
YES = Clear to close
MAYBE = Possible with compensating factors
NO = Unlikely approval