A mortgage applicant who has a monthly gross income of $4,705.00 applies for a mortgage with monthly PITI of $1,411.50. The applicant's other financial obligations total $282.30 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would the applicant qualify for? Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% O FHA only O Conventional only O FHA and Conventional O None of the above

A mortgage applicant who has a monthly gross income of $4,705.00 applies for a mortgage with monthly PITI of $1,411.50. The applicant's other financial obligations total $282.30 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would the applicant qualify for? Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% O FHA only O Conventional only O FHA and Conventional O None of the above

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter6: Using Credit

Section: Chapter Questions

Problem 2FPE

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Similar questions

A mortgage applicant who has a monthly gross income of $4,285.00 applies for a mortgage with monthly PITI of $1,542.60. The applicant's other financial obligations total $231.39 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would the applicant qualify for?
Suppose you earn a gross income of $2,920.00 per month and apply for a mortgage with a monthly PITI of $908.12. You have other financial obligations totaling $169.36 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would you qualify for? Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% A. FHA only B. Conventional only C. FHA and Conventional D. None of the above
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On January 1, the home mortgage balance was $293, 000 for the home owned by Tom Thomas. The interest rate for the loan is 7.125 percent. Assuming that Tom makes the January monthly mortgage payment of $3516, calculate the following: (a) The amount of interest included in the January payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Tom makes this monthly mortgage payment.
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