LACE Mortgage Qualification Worksheet





LACE Mortgage Qualification Worksheet

Income Annual Income Monthly Income
First Qualifying Number
x 0.30 =
÷ 12 =
Second Qualifying Number
x 0.40 =
÷ 12 =

The first qualifying number (Top) calculates your maximum monthly payment, assuming you have no long-term debt. It is computed by multiplying your total income by your Annual Operating cost ratio and dividing the result by 12. The second qualifying number takes into account your monthly debt payments, applying your total debt service ratio. LACE will qualify you for monthly payments that are no higher than the lesser of the two results. By default, this worksheet assumes an annual operating cost ratio of 30% and a total debt service ratio of 40%. If different ratios apply in your case you may change the ratio values in the “Qualifying Ratio Adjustments and Payment Qualification Section”. We use .30 and .40 respectively from historic averages from our experience with other LACE loan customers.
Annual Contributions:
Other Contributions:
Investment Income:
Additional Income:
Total Income:
Current Monthly Loan Debts Monthly Debt Annual Debt
Current Mortgage Payment:
Other loan payment:
Total Debts:
Qualifying Ratio Adjustments and Payment Qualification
Annual Operating cost ratio:
Total debt service ratio:
You may qualify for monthly payments of:
Loan Amount
The table below calculates the amount of a loan you might qualify for with the monthly payment shown above. Your monthly payment will include principal and interest payments. Note this calculation does not factor in the discount of interest cost generated by the "Designated Certificate Program".
Total monthly payment allowed:
Annual interest rate (e.g., 7.125):
Duration of loan (in years):
Monthly principal + interest payment:
Maximum loan amount:

Sunday, March 29, 2020