DISCLAIMER: All mentioned features on this page may not be applicable to your institution, please reach out to (firstname.lastname@example.org) for more information on what features are enabled for your use.
The Proposed Housing Expenses section includes expenses that the borrower will pay once they have their home. It includes costs like monthly mortgage payment, homeowner association dues and taxes.
Navigating to Monthly housing expenses screen
1. Click Edit in the sidebar to get to the Proposed monthly housing expense section.
Monthly housing expenses screen
a. Proposed Monthly Housing Expenses: Is a sum of the monthly housing expenses updates in real-time.
b. First Mortgage (P&I): Monthly mortgage principal and interest is automatically added from the "Select Product" section of the Application screen.
c. Other financing (P&I): Other financing principal & interest is a manually entered expense.
d. Homeowners/Hazard insurance: Homeowners or Hazard insurance is a manually entered expense.
e. Property/Real estate taxes: You can add taxes by entering a percentage which is then applied to the property value OR you can enter the value directly.
f. Mortgage insurance: You can add a percentage which will be multiplied by the loan amount to get the mortgage insurance.
g. Homeowners association dues: The HOA is a manually entered expense.
h. Other: This is a manually entered expense.
Note: These fees are automatically incorporated into the DTI ratio.
2. Fill out all applicable information.
3. Click Save & Close.