Jumbo CalPERS Mortgages will review your
income for a few different reasons.
- You ability to repay the mortgage
- Amount of Loan you can afford
Following are some of the most basic guidelines for CalPERS jumbo
mortgages.
- Should have two years of work history in same field.
- Income should be steady or increasing over two year period.
Also, the amount of your "Gross Income" will determine the
amount of loan you qualify for by calculating your "Ratios". These ratios are
broken into two different categories:
- Front End Ratio - Gross income divided by PITI
mortgage payment.
- Back End Ratio - Gross income divided by PITI
mortgage payment plus minimum payment of bills.
The minimum monthly bills that are considered are the following:
- Car Payments
- Credit Card Payments
- Loan Payments
- Child Support, Alimony, Palimony Payments
The front end ratio should typically not exceed 28%
of your gross income and the back end ratio should not exceed 36% of your
gross income. These are only guidelines and may be exceeded dependant on overall strength
of file.
(Following you will find an excel spread sheet calculator that you
can download to calculate your estimate ratios. Please feel free to share this calculator,
with family, friends, and work associates. Download your calculator by clicking HERE. Coming Soon )
The next qualifying item for a jumbo CalPERS mortgage will be your
"Credit" by clicking HERE. |
