The major factors involving mortgage qualifications are:
Gross Debt Service - which is the ratio of your gross annual income(before taxes) to the annual mortgage payment plus heating plus property taxes. Generally your costs should not be more than 35% of your income.
Total Debt Service - again ratio of annual income to mortgage payment plus heating plus property taxes - but total debt service also adds in other payments like credit cards, car payments etc. Generally your total costs should not be more than 42% of your gross income.
Credit Score - an excellent credit rating may increase the available debt service ratios
To calculate how much of a mortgage you could qualify for simply fill in the blanks and hit calculate.
* Please fill in all fields even if the amount is zero.
