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URL:https://www.learndesk.us/class/6271362765160448/lesson/2a4e0ff238c16d2d74efa5ae816fcd89?ref=outlook-calendar
SUMMARY:Financial Qualification
DTSTART;TZID=America/Los_Angeles:20260527T190000
DTEND;TZID=America/Los_Angeles:20260527T200000
LOCATION:https://www.learndesk.us/class/6271362765160448/lesson/2a4e0ff238c16d2d74efa5ae816fcd89?ref=outlook-calendar
DESCRIPTION: Income ratio qualification Formula: Monthly Principal Interest (PI) payment = Income ratio x Monthly gross income
Example: A lender uses a 28% income ratio for the PI payment. A borrower grosses $30,000 per year. What monthly PI payment can the borrower afford? Monthly PI payment = ($30,000 ÷ 12) x .28 = $700
How much can the borrower borrow if the loan constant is 6.3207? (See also-loan constants)
Loan amount = ($700 ÷ 6.3207) x 1,000 = $110,747.22
Debt ratio qualification Formulas: Debt ratio = (Housing expense + Other debt payments) ÷ Monthly gross income Housing expense = (Monthly gross income x Debt ratio) - Other debt payments
Example: A lender uses a 36% debt ratio. A borrower earns $30,000 / year and has monthly non-housing debt payments of $500. What housing payment can she afford? Housing expense = ($30,000 ÷ 12 x .36) - 500 = ($900 - 500) = $400

https://www.learndesk.us/class/6271362765160448/lesson/2a4e0ff238c16d2d74efa5ae816fcd89?ref=outlook-calendar
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