Mortgage Prequalification Calculator
Check if you prequalify for Conventional, FHA, VA, and USDA mortgages simultaneously. See max loan amounts for each program, rate estimates by credit score, full DTI analysis, and a personalized action plan to improve your qualification.
Side-by-side program comparison for a $400,000 home.
Complete requirements matrix for all programs.
| Program | Min Credit | Min Down | Max DTI | PMI/MIP | Reserves | Max Loan | Status |
|---|---|---|---|---|---|---|---|
| Conventional | 620 ✓ | 3% ✓ | 45% | ~$150/mo (until 80% LTV) | 2 months PITI | $448,931 | YES |
| FHA | 580 ✓ | 3.5% ✓ | 50% | ~$165/mo MIP + 1.75% upfront (life of loan if <10% down) | 2 months PITI | $495,013 | YES |
| VA | 580 ✓ | 0% ✓ | 41% | None (2.3% funding fee applies) | 2 months PITI | $423,349 | NO |
| USDA | 640 ✓ | 0% ✓ | 41% | 0.35%/yr annual fee + 1% upfront guarantee fee | 2 months PITI | $362,617 | NO |
How to Use This Prequalification Calculator
Enter your financial profile to instantly see whether you prequalify for each major loan program.
Quick Calculator
Enter your Annual Gross Income, Monthly Debts (all minimum payments), Credit Score Range, Down Payment, Home Price, and Base Interest Rate. The calculator simultaneously checks all four major programs — Conventional, FHA, VA, and USDA — showing whether you qualify, the estimated rate, and maximum loan for each.
Advanced — Program Comparison, What to Improve, DTI Check
The Program Comparison tab shows all four programs side-by-side with minimum requirements, rates, PMI costs, and max loan amounts. The What You Can Improve tab identifies specific actions — like boosting your credit score or reducing debt — with the exact financial impact of each. The DTI Check tab breaks down your front-end and back-end ratios for each program.
Professional — Full Qualification Matrix, Rate Estimates, Action Plan
The Full Qualification Matrix shows every requirement for every program in one table with pass/fail status for your profile. Rate Estimates shows a complete credit score tier table so you can see exactly what rate improvement each credit tier would earn. The Action Plan provides a numbered, prioritized list of steps to maximize your qualification profile.
How Prequalification Is Calculated
Max Loan Amount = Max Monthly Housing × Mortgage Factor
(Mortgage factor at 7%, 30-yr = ~150.3 per $1,000 payment)
DTI (Back-End) = (Housing Payment + All Monthly Debts) / Monthly Gross Income
Example — $95,000/yr income, $500/mo debts, 720 credit, 43% DTI limit:
Monthly income = $95,000 / 12 = $7,917
Max housing = ($7,917 × 43%) − $500 = $3,404 − $500 = $2,904/mo
At 7.0% for 30 years: Max loan ≈ $436,000
With $40,000 down: Max home ≈ $476,000
Example: James Compares All Programs
James: $80,000 income, 660 credit, $500 debts, $20,000 down — Seattle, WA
James isn't sure which loan program to use. He enters his profile to check all programs at once.
| Annual Income | $80,000 |
| Monthly Debts | $500 |
| Credit Score | 660 |
| Down Payment | $20,000 |
| Target Price | $380,000 |
| Conventional Result | Qualifies — but rate is 7.75% due to 660 score |
| FHA Result | Qualifies — rate 7.25%, but MIP adds $175/mo |
| VA Result | Conditional — needs VA eligibility (military service) |
| USDA Result | No — 660 credit below 640 USDA minimum for Seattle area |
James's best options are Conventional or FHA. FHA has a slightly lower rate but adds lifelong MIP. If James raises his credit to 680, his conventional rate drops to 7.25% — matching FHA without the permanent MIP. The Action Plan recommends targeting 680+ credit as the top priority (fastest path to savings).