Gustan Cho Associates has developed, created, engineered, and launched the Georgia Mortgage Calculator with PITI, PMI, MIP, HOA, and DTI after years of researching online for the right mortgage calculator for our clients, loan officers, and preferred realtor partners. Homebuyers in Georgia now can use a Georgia Mortgage Calculator that has the most accurate estimated monthly payment than any other house loan calculator in the market. What good is an online mortgage calculator if it does not give you the total components of the overall monthly mortgage payments? Most online mortgage approval calculators will only compute principal and interest. There is more to just the principal and interest homeowners need to pay. Gustan Cho Associates Georgia Mortgage Calculator yields the PITI, PMI, HOA, and as an added bonus, the front-end and back-end debt-to-income ratio.

Every mortgage loan program has its own DTI mortgage guidelines. Our Georgia Mortgage Calculator can calculate the most accurate monthly mortgage payment as well as the most accurate front-end and back-end debt-to-income ratio on Conventional, FHA, VA, Jumbo, and Non-QM Loans. Most homebuyers in Georgia have a certain budget when it comes to a home purchase. Homebuyers should realize that the most important question is How Much House Can I Afford and NOT How Much House Can I Qualify. Please keep a note that lenders do not include nontraditional credit such as utility bills, personal expenses, education, after-school activities for children, child care, and elderly care. On traditional credit tradelines are used to compute debt-to-income ratios.

How Much House Can I Afford in Georgia?

The amount of house homebuyers qualify for is determined by the front-end and back-end debt-to-income ratios. One of the major determinants on how DTIs are property taxes. You can actually buy a higher-priced home with lower property taxes than a lower-priced home with higher property taxes. Gustan Cho Associates Georgia Mortgage Calculator will come in very handy when shopping for homes where homebuyers do not have to contact their loan officers every time they see a house and see whether they are over the DTI threshold. In the following paragraphs, we will break down the debt-to-income ratio guidelines on Conventional loans, FHA loans, VA loans, Jumbo loans, and Non-QM mortgages.

DTI Guidelines on Conventional – FHA – VA – USDA – Jumbo / Non-QM Loans

Every mortgage loan program has its own front-end and back-end debt-to-income ratio guidelines. Below is the DTI guidelines on conventional, FHA, VA, Jumbo, and non-QM loans:

• Maximum debt-to-income ratio on conventional loans is 45% to 50% DTI.
• Conventional loans do not have a front-end debt-to-income ratio requirements.
• The maximum front-end and back-end debt-to-income ratio guidelines on FHA loans is 46.9% front-end and 56.9% back-end for borrowers with at least a 580 credit scores.
• Borrowers with under 580 FICO and down to a 500 credit score, the front-end debt-to-income ratio is capped at 31% and back-end DTI is 43%.
• USDA has a front-end of 29% and back-end debt-to-income ratio cap of 41%.
• Jumbo and Non-QM loans are portfolio loans and the debt-to-income ratios are determined by each individual lender.
• Most non-QM lenders will cap debt-to-income ratio at 50% DTI.
• Debt-to-income ratio no jumbo loans can vary from 40% to 50%.

How To Use Gustan Cho Associates Georgia Mortgage Calculator

First, enter the mortgage loan program from the selection on top of the mortgage calculator: Conventional, FHA, VA, Jumbo, or non-QM. Then enter the purchase price followed by the down payment. Then enter the mortgage rate and the term of the loan. You will then get the principal and interest portion of the housing payment. Enter the property tax and insurance in the appropriate box. The PMI is populated so you do not have to worry about it unless you want to manually enter your own factor/or number. You now have your total estimated monthly mortgage payment. Let’s now move to the debt-to-income ratio mortgage calculator.

How To Use The DTI Mortgage Calculator

The total housing payment will populate to the debt-to-income ratio mortgage calculator. In two simple steps you will have your front-end and back-end debt-to-income ratio . Enter you gross monthly salary and/or annual salary in the box where it says Monthly or Yearly Income. The final step is to add all of the minimum debts you have such as mortgage, cars, student loans, installment loans, total of all minimum credit card payments, and any and all monthly debts that report to the credit bureaus. The total sum gets entered in the box that says Minimum Monthly Debt Payments. Your front-end and back-end debt-to-income ratio numbers will populate.