MORTGAGE AFFORDABILITY AND QUALIFICATION CHART

NY CITY / 5 BOROS

 

Yearly Income

in Thousands

 Mtg Qualification Amt in Thousands

Closing

Costs
 20 60 4
25 75 5
30 95 6
35 110 6.5
40 125 7.5
45 140  8.5
50 155 9
55 170 10
60 190 11.5
65 210 12.5
70 225 13.5
75 240 14.5
80 250 15
85 270 16
90 285 17
95 305 18.5
100 320 19.5
105 335 20

These are only approximate guidelines based on market interest rates in April 2002*. Debts are not included in calculations. Calculations are estimates and are not guaranteed. You may qualify for a higher mortgage in a multifamily income producing property. Contact one of our

Mortgage Professionals for exact amounts or more detailed information. Closing Costs can be financed or Seller/Lender may contribute / pay.

 

MINIMUM TOTAL FUNDS NECESSARY TO CLOSE WILL BE

APPROXIMATELY 3% OF THE PURCHASE PRICE.

 

* Rates can and will change over periods of time, contact a Mortgage Professional

for more current and specific information.

 

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