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For Sale. Everything you need to know!  Anything you want to know? Your information source in the Berkshires!

Berkshire Town & Country Realty inc.
300 Blue Hill Road
Gt. Barrington, MA 01230
413 528 - 2223 
Fax: 413 528 - 5322

 
See if Your Income is Sufficient to Qualify
Amount you will need to Borrow   (usually 90% of purchase price, unless your down payment will be more than 10%)
Mortgage Length Years (usually 30, shorter terms are available)
Interest % (current rates are quoted in newspapers)
Annual Real Estate Tax (amount will be quoted on listing sheets)
Total Monthly Payments for other Debt (i.e. car, student loans, credit cards, etc).   (estimate average amount paid)
 
Summary
Monthly Principal + Interest
Total Housing Payment (tax & insurance included)
Required Income
In most cases your salary, and that of your spouse or partner, if purchasing jointly, must meet the following two conditions:

1.   The sum of the monthly mortgage and monthly tax payments, should not exceed 28% of your gross (pre-taxes) monthly income'(s).

2.   The sum of the monthly mortgage, monthly tax and other monthly debt payments, should not exceed 35% of your gross (pre-taxes) monthly income'(s).

DISCLAIMER: The prequalification figures above are based upon conventional program guidelines. Other loan programs are available. Calculations by this tool are believed to be accurate, yet are not guaranteed. Further review is necessary to obtain an exact qualification. If you have less than 20% equity (appraised value less mortgage amount) in your home, a monthly private mortgage insurance (pmi) payment may be required by the lender.