First Bank of Charleston First Bank of Charleston First Bank of Charleston
First Bank of Charleston First Bank of Charleston First Bank of Charleston
First Bank of Charleston   First Bank of Charleston
Mortgage Qualifier
Annual income

Annual income of primary borrower:    Example: 45000.00
Annual income of co-borrower:    Example: 24000.00
Interest/Dividend annual income:    Example: 1000.00
Other annual income:    Example: 200.00
Annual expenses

Annual homeowners insurance:    Example: 150.00
Annual real estate taxes:    Example: 250.00
Annual private mortgage insurance:    Example: 150.00
Annual homeowners association/Condo fees:    Example: 100.00
Annual Car Payments:    Example: 1500.00
Annual credit card payments:    Example: 1300.00
Annual child support/Alimony:    Example: 2400.00
Other regular annual debt payments:    Example: 100.00
Mortgage loan

Interest Rate:    Example: 8 = 8%
Term in years:    Example: 30

With a gross annual income of $4.00, total annual expenses of $8.00, and a 1.0 year loan at 1.0%, you qualify for a loan of approximately ($2.46) with a monthly P&I (Principal and Interest) payment of ($0.55).

The qualification amount is based on the following formulas:

The monthly PITI (Principal, Interest, Taxes and Insurance) payment is 28% or less of your gross monthly income.
The monthly payment plus recurring monthly expenses is 36% or less of your gross monthly income.

In your case, the second formula gives the lower monthly payment.
You can qualify for a larger loan only by increasing your income.

Please note that your down payment amount or equity position can affect your qualification using these formulas. This calculation is designed to show you the maximum amount you may be able to borrow but does not determine if you would qualify for a particular property.

Equal Housing LenderThis calculator is provided to give you an estimate of the payment and terms of a loan program or product. It is intended as a tool to use for estimating and is not guaranteed to provide the exact results that you may see with a particular product or plan, nor is it guaranteed to provide an accurate rate as required by truth-in-lending regulations. Results obtained with this calculator should be discussed with a qualified professional before any product purchases or loan commitments are made. Any loans made as a result of product inquiries to this institution are subject to credit, property, and/or collateral approval as well as other terms and conditions that may not be mentioned on this page.
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