CHAPTER II: OFFICE OF BANKS AND REAL ESTATE
PART 345 HIGH RISK HOME LOANS
SECTION 345.APPENDIX B MORTGAGE RATIO WORKSHEET
Section 345.APPENDIX B Mortgage Ratio Worksheet
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Part I |
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LOAN-TO-VALUE RATIO |
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1. |
Mortgage Amounts |
$ |
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2. |
Appraised Value |
$ |
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3. |
Line 1 divided by Line 2 |
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Note: This is the percentage of the purchase price/appraised value of your home that will be allocated to your total mortgage. A percentage rate over 80% may result in you incurring additional costs.
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Borrower's Signature |
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Part II |
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INCOME RATIO |
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MONTHLY HOUSING EXPENSES: |
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1. |
Principal and Interest Payment |
$ |
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2. |
Homeowner's Insurance |
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3. |
Real Estate Tax |
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4. |
Mortgage Insurance Premium |
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5. |
Homeowner's Assoc. Fee |
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6. |
Ground Rents |
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7. |
Payments on Existing or Proposed |
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2nd Mortgage |
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8. |
Total Housing Expense |
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(Add Lines 1 through 7) |
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$ |
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MONTHLY GROSS INCOME: |
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9. |
Gross Salary |
$ |
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10. |
Dividends/Interest |
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11. |
Social Security/Pension |
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12. |
Alimony/Child Support |
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13. |
Other |
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14. |
Total Gross Income |
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$ |
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15. |
Divide Line 8 by Line 14 |
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Note: This is the percentage of your gross monthly income that will be allocated to your mortgage expenses.
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Part III |
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LONG-TERM DEBT RATIO |
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MONTHLY EXPENSES: |
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1. |
Total Housing Expense (Part II, Line 8) |
$ |
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2. |
Credit Cards |
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3. |
Car Payments |
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4. |
Loans |
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(Not Included on Line 1 or Line 3) |
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5. |
Alimony/Child Support |
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6. |
Total Expenses |
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$ |
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(Lines 1 through 5) |
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MONTHLY INCOME: |
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7. |
Total Gross Income |
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(Part II, Line 14) |
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$ |
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8. |
Divided Line 6 by Line 7 |
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Note: This is the percentage of your gross monthly income that will be allocated to your mortgage expenses and other debt that you pay on a monthly basis.
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Borrower's Signature |
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