Understanding Conventional vs. FHA Loans
Learn the key differences between conventional and FHA loans to choose the right option for your situation.
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Welcome back, John! Here's an overview of your financial situation.
Home Equity
$145,500
Based on current home value
DTI Ratio
34%
Back-end ratio (all debts)
Credit Score
720
Updated 7 days ago
Financial Summary
Home Value
$450,000
Mortgage Balance
$304,500
Monthly Income
$8,500
Total Monthly Debt
$2,890
Total Assets
$215,000
Retirement Funds
$125,000
DTI Ratio History
Recommendations
-
Pay down credit card balance
Reducing your credit card debt by $3,000 would improve your DTI by 3%.
-
Update property tax information
Your property tax information is over 12 months old.
-
Consider refinancing your auto loan
Current rates are 2% lower than your existing loan.
Action Items
Loan Calculators
Calculate and compare different loan options based on your financial profile.
Mortgage Parameters
Monthly Payment Breakdown
Total Monthly Payment
$2,435
Principal & Interest
$1,985
Property Tax
$375
Home Insurance
$150
HOA Fees
$250
Loan Amount
$360,000
Down Payment
$90,000 (20%)
Loan Term
30 years
Interest Rate
5.25%
Amortization Schedule
Total Principal
$360,000
Total Interest
$354,600
Total Payments
$714,600
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $5,762 | $18,758 | $354,238 |
| 5 | $33,452 | $85,652 | $326,548 |
| 10 | $76,234 | $162,286 | $283,766 |
| 15 | $131,575 | $225,945 | $228,425 |
| 20 | $203,692 | $273,828 | $156,308 |
| 25 | $287,635 | $321,885 | $72,365 |
| 30 | $360,000 | $354,600 | $0 |
My Profile
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Personal Information
JP
Account Security
Notification Preferences
Financial Information
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Income Sources
Primary Employment
Software Engineer at Tech Corp
Monthly
$7,500
Freelance Work
Web Development Projects
Monthly (avg)
$1,000
Employment History
2020 - Present
Software Engineer
Tech Corp Inc.
2016 - 2020
Junior Developer
DevStart Solutions
Primary Residence
Property Information
Property Value
Property Expenses
Current Mortgage
Debts & Liabilities
Total Monthly Debt Payments
$2,890
Total Debt Balance
$338,200
Debt-to-Income Ratio
34%
Mortgage
Primary Mortgage
$304,500
$1,596/mo
Auto Loans
Car Loan - 2020 Honda Accord
$18,500
$450/mo
Credit Cards
Main Credit Card
$4,200
$200/mo
Store Credit Card
$1,800
$100/mo
Student Loans
Federal Student Loan
$9,200
$120/mo
Assets & Savings
Total Assets
$215,000
Liquid Assets
$65,000
Retirement Assets
$125,000
Cash & Savings
Checking Account
$12,500
Savings Account
$35,000
Emergency Fund
$17,500
Investment Accounts
Brokerage Account
$25,000
Retirement Accounts
401(k)
$95,000
Roth IRA
$30,000
Credit Score
720
300
850
Poor
Fair
Good
Very Good
Excellent
Credit Score Factors
Payment History
On-time payment history for all accounts
Credit Utilization
Using 35% of available credit
Credit Age
Average account age: 7 years
Account Mix
Good blend of credit types
Credit Inquiries
0 inquiries in last 12 months
Scenario Planning
Create and compare different financial scenarios to optimize your loan approval chances.
Base Scenario (Current Financial Status)
DTI Ratio
34%
Back-end ratio (all debts)
Loan Eligibility
75%
Monthly Debt
$2,890
Total monthly debt payments
Available for Down Payment
$65,000
From liquid assets
Loan Analysis
Loan Qualification
Conventional Loan
Approved
FHA Loan
Approved
VA Loan
Approved
Jumbo Loan
Declined
Maximum Loan Amount
Conventional Loan
$520,000
FHA Loan
$485,000
VA Loan
$550,000
Approval Challenges
Credit Card Balance
Your credit card utilization is at 35%, which is higher than optimal. Consider paying down balances to below 30%.
Auto Loan Interest Rate
Your current auto loan rate is higher than current market rates. Refinancing could lower your DTI ratio.
Down Payment Amount
For jumbo loans, a larger down payment (20%+) would be required. Consider using more savings or retirement funds.
Documents
Upload and manage all your important financial and loan-related documents.
Income Documents
4 documentsPay Stub - April 2023
Pay Stub - March 2023
W-2 Form - 2022
Employment Verification Letter
Property Documents
2 documentsHome Appraisal Report
Property Tax Statement
Tax Documents
1 document1040 Tax Return - 2022
Financial Education
Learn about home loans, financial planning, and how to improve your loan eligibility.
Mortgage Basics
Learn about different types of home loans and their requirements.
Interest Rates
Understand how interest rates work and impact your payments.
Credit Scores
Learn how to improve your credit score for better loan terms.
Down Payments
Explore down payment strategies and assistance programs.
Featured Articles
5 Ways to Improve Your DTI Ratio
Discover effective strategies to lower your debt-to-income ratio and increase your loan approval chances.
How Credit Scores Impact Mortgage Rates
See how different credit score ranges can affect your interest rate and overall loan costs.
Helpful Resources
Mortgage Glossary
A comprehensive guide to common mortgage and loan terminology.
Loan Application Checklist
Complete list of documents needed for various loan applications.
Video Tutorials
Step-by-step guides on navigating the home loan process.
FAQ Library
Answers to the most common questions about home loans.