- Jumbo/Non Qm
Homebuyers in Washington state can easily compute their true most accurate monthly mortgage payment and front-end and back-end debt-to-income ratio using the Washington Mortgage Calculator powered by Gustan Cho Associates. After realizing there is no online home loan calculator that gives an accurate monthly mortgage payment, the team at Gustan Cho Associates decided to develop its own online Washington Mortgage Calculator with PITI, PMI, MIP, HOA, and DTI. It took many months and countless hours to perfect the Washington Mortgage Calculator with the DTI mortgage calculator for our clients and loan officers. Once launched, it was a hit.
The Best Washington Mortgage Calculator For Being Fast and Accurate
Many loan officers in the mortgage industry, real estate agents, and attorneys asked us if they can use Gustan Cho Associates Washington Mortgage Calculator for their business. We are more than happy to share our Washington Mortgage Calculator with other mortgage brokers, realtors, and attorneys. We will even go further and white label the Best Washington Mortgage Calculator at no charge. The team at Gustan Cho Associates is very proud of the outcome of the Washington Mortgage Calculator and the debt-to-income ratio mortgage calculator powered by Gustan Cho Associates.
Calculating My Estimated Monthly Mortgage Payment in Washington?
Gustan Cho Associates Washington Mortgage Calculator calculates the monthly mortgage payment with every component from the mortgage loan program the user selects. The calculator has been programmed to populate private mortgage insurance on conventional loans, The conventional loan private mortgage insurance is required for homebuyers with less than 20% equity in the home. The PMI has been averaged so it is not 100% accurate but rather an estimation by taking the national average. Therefore, if you have a more accurate private mortgage insurance factor or number, you can manually enter the PMI. FHA upfront and annual mortgage insurance premium, and VA funding fee for exempt users, first-time veterans, and second-time users of VA loans. The one-time FHA Mortgage Insurance Premium on FHA loans has been populated and added to the loan balance. The annual FHA mortgage insurance premium has been programed based on the down payment, loan balance, and term of the loan. The VA funding fee on VA loans has been populated on the VA mortgage calculator. All debt-to-income ratio agency guidelines has been programmed in the Washington Mortgage Calculator.
How To Get Pre-Approved With The Best Washington Mortgage Lenders
There are two types of mortgage guidelines. Agency mortgage guidelines of Fannie Mae, HUD, USDA, and VA and overlays by mortgage lenders. Lender overlays are additional mortgage guidelines on top of the minimum agency guidelines. The best Washington mortgage lenders are lenders with no overlays on government and conventional loans. If you deal with a Washington mortgage lender with no overlays on debt-to-income ratios, all you need to worry about is the agency guidelines of HUD, VA, USDA, Fannie Mae, and/or Freddie Mac. Below are the agency guidelines of HUD, VA, USDA, Fannie Mae, and Freddie Mac:
- HUD allows up to a 46.9% front-end and 56.9% back-end on FHA loans for borrowers with at least a 580 FICO score
- VA does not have DTI maximums as long as the borrower can get an approve/eligible per automated underwriting system (AUS)
- USDA has a 29% front-end and 41% back-end debt-to-income ratio
- Fannie Mae and Freddie Mac have a maximum 45% to 50% back-end debt-to-income ratio cap
- Fannie Mae and Freddie Mac do not have a maximum front-end debt-to-income ratio cap
How To Use The Best Washington Mortgage Calculator Powered By Gustan Cho Associates
First, check the loan program on the top of the calculator you are applying for. Enter the purchase price, down payment, interest rate, and loan term. You will get the principal and interest portion of your monthly mortgage payment. Next, enter the property tax and homeowners insurance information. Enter the homeowners association dues if it applies to the subject property. You will not have the total monthly mortgage payment. The components making the monthly mortgage payment will be listed below. Next, we can move on to computing your debt-to-income ratio.
How To Calculate Your Front-End and Back-End Debt-To-Income Ratio
Move over to the debt-to-income ratio mortgage calculator. You will be so surprised by how easy it is to get your front-end and back-end debt-to-income ratio. The monthly housing mortgage payment will move over to the DTI side of the mortgage calculator and you will see it on the top box. The next step is to enter the Minimum Monthly Debt Payments on the box labeled. This is done by adding all of the minimum monthly payments you have that are from traditional creditors. Traditional creditors are creditors who report your payment history on all credit bureaus. Non-traditional credit tradelines do not count for DTI calculations by mortgage underwriters. Once you have the total, enter the sum in the box that states Minimum Monthly Debt Payments. The final step is to enter your monthy and/or yearly gross income on the box that says Monthly or Yearly Income. The income needs to be the gross income before any taxes and/or other deductions gets taken out. You will now have the results of your front-end and back-end debt-to-income ratios.