Mortgage Prequalification
(Lending area limited)

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.

Example: Borrower
$2,000.00
 
  Co-Borrower
   1,500.00
 
   
$3,500.00
Combined gross monthly income
   
         x28%
Housing debt ratio
   
$   980.00
Total monthly mortgage payment.

Principal, interest, taxes, condo fee (if applicable), and private mortgage insurance (if needed) should not generally exceed 28% of combined gross monthly income.

 
$3,500.00
Combined gross monthly income
 
        x36%
Total debt ratio
 
$1,260.00
Total monthly obligations

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.

 
$1,260.00
Total monthly obligations
 
   -980.00
Total monthly mortgage payment
 
$  280.00
Total monthly obligations

*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 calculator.

OK, let's take a look at the worksheet or Apply Now



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