HELP! Combined Monthly Expense:
This section shows the lender your monthly housing expenses not including utility bills and some details on your proposed loan. Many of the proposed figures will already be totaled for you in the fields surrounded by a red box.  You may enter additional figures in the fields that are not surrounded by a red box.  If you don't know the exact amounts to enter, take an average and enter the amount in the appropriate fields.  See the descriptions below for assistance.
 
Rent:  If you don't own a property, but are renting, enter the amount of rent you are currently paying where you live now.
 
First Mortgage (P&I):  Current: If you know your current Principal and Interest (P&I) payments on your first mortgage, list them here.  If you have impounds included in your payment (taxes and insurance added to your monthly P&I payment), enter the total payment here.

Proposed:  If you completed the information in the first part of this form ("Amount Applied For", "Interest Rate", and "Number of Months"), this field will already be calculated for you.
 

Other Financing (P&I):  Current & Proposed:  If you have additional financing on the subject property (such as a 2nd or 3rd mortgage, or a private note), list the monthly payments in the field provided.
 
Hazard Insurance:  Current:  If you don't have impounds and pay your hazard insurance yourself (usually every six months), list your monthly payment here.  If you pay every six months, divide the payment amount by 6 months and enter the total.

Proposed: If you completed the information in the first part of this form ("Yearly Insurance"), this field will already be calculated for you.
 

Real Estate Taxes:  Current:  If you don't have impounds, enter your monthly property taxes in the field provided.

Proposed: If you completed the information in the first part of this form ("Yearly Taxes"), this field will already be calculated for you.
 

Mortgage Insurance:  Current & Proposed:  Mortgage insurance is usually charged on loans that have a higher than normal LTV.  This is usually paid until your loan amount is reduced to at least 80% of your home's appraised value.  If you pay mortgage insurance, enter the amount in this field unless it is included in your monthly mortgage payment.
 
Homeowner Assoc.
Dues:
Current & Proposed:  If you live in a planned unit development, there are usually Homeowner Association Dues required to be paid yearly or monthly.  If this pertains to you, enter the monthly amount you pay in this field.  If you are buying a home in such a development, enter the amount you will be charged in the field provided in the "Proposed" column.
 
Other Expenses:  Current & Proposed:  If you have other monthly housing expenses not listed in any of the categories above, enter your monthly payment(s) here.
 
Total: The totals in this section will automatically be totaled for you.  You may move on to the next section.
 

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