To make the home buying process easier and more convenient for our clients, Gustan Cho Associates has launched Gustan Cho Associates Arkansas Mortgage Calculator with the DTI feature. The team at Gustan Cho Associates spent months of research and development in designing and creating the most user-friendly mortgage calculator for borrowers as well as licensed loan officers. Arkansas home buyers buying a home can now calculate their estimated housing payment using Gustan Cho Associates Arkansas Mortgage Calculator in seconds. The estimated monthly payment will include the PITI, property taxes, homeowners insurance, and HOA fees if applicable.

USEFUL LINK: How Much House Can I Afford in Arkansas

Features of the Arkansas Mortgage Calculator

The Arkansas Mortgage Calculator has the following features: Principal and Interest, Property Taxes,  and Homeowners Insurance (The PITI). Unlike other mortgage calculators where it just yields the Principal and Interest, we have taken a step further to include not just principal and interest, but tax and insurance as well as PMI. Not done yet!!! We again went further and made sure to make the Arkansas Mortgage Calculator the most user-friendly and accurate calculator and added the HOA feature for those who have homeowners association fees. The HOA feature will help Gustan Cho Associates Arkansas Mortgage Calculator users who are buying condos, condotels, or homes in a subdivision with HOA fees. We will explain other unique user-friendly features of Gustan Cho Associates Arkansas Mortgage Calculator.

USEFUL LINK: Arkansas Lender Overlays on Debt to Income Ratio

Monthly Payment Calculator

You can use the Arkansas Mortgage Calculator powered by Gustan Cho Associates to get the most accurate monthly mortgage payment. The monthly payment calculator will help borrowers get the principal, interest, taxes, and insurance (PITI) as well as the private mortgage insurance and/or mortgage insurance premium (PMI/MIP). An added feature to the Arkansas Mortgage Calculator is the Debt-To-Income Ratio Mortgage Calculator. Once you have calculated the housing payment (PITI, MIP, HOA), then switch over to the DTI section of the calculator. Enter your gross monthly income, and then enter the total minimum monthly debts. Within seconds, you will get your front-end and back-end debt to income ratio.

USEFUL LINK: Debt To Income Ratio Guidelines

What Should My DTI Be To Get A Mortgage In Arkansas?

The answer to what should my DTI be to get a mortgage in Arkansas depends on the mortgage loan program. When using the calculator, the first step is to check off the box on which loan program you are applying for: FHA,VA, Conventional, Jumbo, Non-QM. The mortgage insurance premium on FHA loans is already populated unless you manually enter it. Private mortgage insurance on conventional loans is populated using an average estimated PMI for borrowers If you know the exact factor, just manually enter it. VA loans will have three options for the VA funding fee: Exempt, First-Time User, or Second-Time User. Jumbo and Non-QM loans are the same when it comes to calculations. FHA, VA, Jumbo, and non-QM mortgages have debt-to-income ratio requirements.

How Are Front-End and Back-End DTI Calculated 

Users can compute their front-end and back-end debt-to-income ratio using the Arkansas debt-to-income ratio mortgage calculator powered by Gustan Cho Associates.  The front-end debt-to-income ratio is the total housing payment (PITI, PMI/MIP, HOA) divided by the borrower’s monthly gross before-tax income. The back-end debt-to-income ratio is the housing payment PLUS all other monthly minimum debts divided by the borrowers’ gross before-tax income. The debt-to-income ratio Arkansas Mortgage Calculator calculates the front-end and back-end DTI for you in a matter of seconds.