VA Loan Qualifier  - Ohio 2008

  
 
  Veteran Information    
  Borrowers Name :    
  Marital Status :      
  Number of Children :      
  Monthly Debts $ Lasting 6 Months + :    
  Local / City Income Tax % :    
             
  Income and Deductions    
  Borrower - Gross Annual Income :  $    
  Borrower - Non-Taxable Income :  $    
  Spouse - Gross Annual Income :  $    
  Spouse - Non-Taxable Income :  $    
  Federal Income Tax :  $    
  FICA :  $    
  Ohio Income Tax :  $    
  Local / City Income Tax :  $    
  Monthly Net Take Home Pay : $    
         
  Property & Loan Details    
  Mortgage Loan Amount :  $    
  Semi Annual Property Taxes :  $    
  Yearly Hazard Insurance :  $    
  Monthly Condo / PUD HOA :  $    
  Property Square Footage :  ft    
  Interest Rate :  %    
  Term in Years :  n    
       
  Monthly House Payment : $    
  TOTAL Shelter Expenses : $    
         
  2 Step Approval Evaluation    
  (1)  Monthly Balance Available :  $    
  (2)  VA Residual Requirement :  $    
  (3)  Excess Residual Dollars :  $    
  (4)  Excess Residual by Percentage :  %    
  (5)  Debt to Income RATIO  :  %    
           
  STEP 1 - The "Debt to Income Ratio" - LINE (5) must be "Equal To" or "Less Than" 41%    
  STEP 2 - The "Excess Residual by Percentage" on LINE (4) must ALWAYS be "ZERO" or a "POSITIVE" Percentage.    
  EXCEPTION - If the "Excess Residual by Percentage" on line (4) is 20% or Greater, The Loan can be Approved Exceeding 41% "Debt to Income RATIO"    
  EXPLANATION - The Veterans "Monthly Balance Available" on line (1) must Exceed or Equal the "VA Residual Requirement" on line (2). "Excess Residual Dollars" on line (3) Calculates that difference.    
             

Code written by Don F. White, Mortgage Banker 02.17.2008