According to the housing recommendations from this book of the family has a gross annual income of $46,200 what should be the maximum amount of a mortgage loan they could afford
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According to the housing recommendations from this book of the family has a gross annual income of $46,200 what should be the maximum amount of a mortgage loan they could afford
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- According to the housing recommendations from the book If a family has a gross annual income of $79,400 how much of their monthly income can be devoted to housing expensesRonald and Samantha Brady recently had their condominium in Port Isaac appraised for $323,600. The balance on their existing first mortgage is $154,720. If their bank is willing to loan up to 75% of the appraised value, what is the amount (in $) of credit available to the Bradys on a home equity line of credit? ______$Ransford and Alda Mariano own a home recently appraised for $426,500. The balance on their existing mortgage is $113,087. If their bank is willing to loan up to 80% of the appraised value, what is the amount of credit available to them (in $)? $
- Alan and Samantha Brown have a mortgage with the Bank of America. The bank requires the Browns to pay their homeowner's insurance, property taxes, and mortgage in one monthly payment to the bank. Their monthly mortgage payment is $1,450.30, their semi-annual property tax bill is $6,470, and their annual homeowner's insurance bill is $980. How much is the monthly payment they make to Bank of America?Suppose a family has a gross annual income of $43,200. a. What is the maximum amount the family should spend each month on a mortgage payment? b. What is the maximum amount the family should spend each month for total credit obligations? c. If the family's monthly mortgage payment is 80%of the maximum they can afford, what is the maximum amount they should spend each month for all other debt?X and Y own a home recently appraised for $317,400. The balance on their existing mortgage is $214,074. If their bank is willing to loan up to 70% of the appraised value, what is the amount of credit available to them (in $)?
- Chris and Patti have a combined gross income of 590, 000 Using the 28/36 ratio, how much of their gross income should be expected to go towards their mortgage ?Rachel and Alexander Harrison need to calculate the amount they can afford to spend on their first home. They have a combined annual income of $67,500 and have $37,000 available for a down payment and closing costs. The Harrisons estimate that homeowner's insurance and property taxes will be $150 per month. They expect the mortgage lender to use a 28 percent (of monthly gross income) mortgage payment affordability ratio, to lend at an interest rate of 6 percent on a 30-year mortgage, and to require a 10 percent down payment. Based on this information, use the home affordability analysis form in Worksheet 5.3 to determine the highest-priced home the Harrisons can afford. Assume that closing costs are one-half of the down payment. Round the answer to the nearest dollar. $Jackie and Joanie take out a mortgage. Their annual property taxes are $1688 and their annual homeowners insurance is $1576. What is their monthly taxes and insurance (TI) portion of their mortgage?
- Ted Phillips has monthly take-home pay of $1,200; he makes payments of $450 a month on his outstanding consumer credit (excluding the mortgage on his home). How would you characterize Ted's debt burden?Felice bought a duplex apartment at a cost of $205,000. Her mortgage payments on the property are $1,340 per month, $666 of which can be deducted from her income taxes. Her real estate taxes total $1,860 per year, and insurance costs $1,476 per year. She estimates that she will spend $1,074 each year per apartment for maintenance, replacing appliances, and other costs. The tenants will pay for all utilities. What monthly rent must she charge for each apartment to break even?Problem: Your cousin and her partner have a combined gross income of $10,111 and monthly expenses totaling $3,205. They plan to buy a house with a mortgage whose monthly PITI will be $2,000. (a) What is your cousin and her partner's combined housing expense ratio? (b) What is their total obligations ratio? (c) For what kind of mortgage can they qualify, if any? (d) If they do not qualify for an FHA mortgage, by how much should they reduce their monthly expenses in order to be eligible? (Set up an equation and solve it.)