I need to find the mortgage loan amount and can't remember how to do it.

The borrowers have a combined gross monthly income of $50,400. Sale price is $190,000 and buyers are able to obtain a 90% conventional FNMA/FHLMC loan at 4 3/4% for 30 years. The annual PMI premium is .46% of the mortgage amount. Annual property taxes are $3,360 and annual homeowner's insurance is $540. In addition, the borrowers have a monthly credit card payment of $75, 2 auto loan payments of $200 and $275, student loan payments of $350 per month. They have stable jobs and good credit. Do they qualify?

To find the mortgage loan amount, you can follow these steps:

1. Calculate the down payment: To obtain a 90% loan, subtract 10% (or 0.10) from the sale price: $190,000 x 0.10 = $19,000.
The down payment will be $19,000.

2. Calculate the loan amount: Subtract the down payment from the sale price: $190,000 - $19,000 = $171,000.
The loan amount will be $171,000.

3. Calculate the monthly PMI premium: Convert the annual PMI premium to a monthly value: ($171,000 x 0.46%) / 12 months = $66.47.
The monthly PMI premium will be $66.47.

4. Calculate the monthly property taxes: Divide the annual property taxes by 12 months: $3,360 / 12 months = $280.
The monthly property taxes will be $280.

5. Calculate the monthly homeowner's insurance: Divide the annual homeowner's insurance by 12 months: $540 / 12 months = $45.
The monthly homeowner's insurance will be $45.

6. Calculate the total monthly debts: Add up the monthly credit card payment ($75), auto loan payments ($200 + $275), and student loan payments ($350): $75 + $200 + $275 + $350 = $900.
The total monthly debts will be $900.

7. Calculate the maximum monthly housing expense: Subtract the total monthly debts, monthly PMI premium, monthly property taxes, and monthly homeowner's insurance from the borrowers' combined gross monthly income:
$50,400 / 12 months = $4,200 gross monthly income.
$4,200 - $900 - $66.47 - $280 - $45 = $2,908.53.

The maximum monthly housing expense is $2,908.53.

8. Finally, determine if the borrowers qualify: Compare the maximum monthly housing expense to the monthly payment for the 30-year loan at 4 3/4% interest rate.
To calculate the loan payment amount, you can use a loan payment calculator or a mortgage calculator. Simply enter the loan amount, interest rate, and loan term (30 years) to find the monthly payment.

If the monthly payment for the loan is less than or equal to $2,908.53 (the maximum monthly housing expense), then the borrowers qualify.