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Toll Free Loan Line 1-877-foxfed1
Foxboro Federal Savings wants to make your homebuying experience as easy as possible. To assist you in determining whether or not you qualify for the house or condominium you have in mind and which mortgage program is best for you, we have developed a Prequalification worksheet. This worksheet enables us to calculate your anticipated income to debt ratio.
The income-to-debt ratio* is the formula used to determine how large a mortgage payment the borrower can qualify for based on their gross monthly income. The amount of the mortgage can vary depending on the mortgage product and rate.
Principal, interest, taxes, condo fee (if applicable), and private mortgage insurance (if needed) should not generally exceed 28% of combined gross monthly income.
Principal, interest, taxes, condo fee (if applicable), and private mortgage insurance (if needed), and all other debts (i.e. car loan, student loan, and/or credit card payments, etc.) should not generally exceed 36% of combined gross monthly income.
*These ratios are
considered "rule of thumb." There may be compensating or other
factors that could effect these ratios. Other
factors taken into consideration when making a loan decision, but not
available at time of pre-qualification, include past credit history
of the Borrower(s) and the value and/or equity in the property being
purchased, refinanced, or built, and employment history, etc. Please
fill out the following worksheet and fax it to us at (508) 698-1802,
just call or come in for a FREE consultation. To get an rough idea as
to the affordablility of a mortgage, try out our
OK, let's take a look at the worksheet or