Mr. and Mrs. Yeager want to buy a home valued at $320,000. If they have 15% of this amount saved for a down payment, how much have they saved?
Using the 28/36 ratio, determine the maximum allowable recurring debt for someone with a monthly income of $3,200.
Using the standard 28/36 guidelines, what is the maximum mortgage payment allowed for someone with an annual salary of $60,750?
Mandy has an annual salary of $37,580. Each month she has a car payment of $265 and a student loan of $120. If she applies for a home loan, how likely is it Mandy will be approved based on her debt-to-income ratio?
Krista and Nick put a down payment of 20% on the purchase of their house, and then financed $200,000. What was the purchase price of the house?
Krista and Nick put a down payment of 20% on the purchase of their house, and then financed $200,000. What was the purchase price of the house?
Which of the following would have a negative impact on determining eligiblity for a home loan?
List 4 factors a lending institution might use when determining your eligibility for a home loan.
Four factors are income, existing debt and debt-to-income ratio, credit history or credit score, and savings available for the down payment and closing costs.
How much annual income would you need to have if, using the 28/36 ratio, your maximum allowable recurring debt is $500?
Using the 28/36 ratio, determine the maximum allowable recurring debt for someone with a monthly income of $3,200.
Rollin and Sandra want to buy a home priced at $265,000. They plan to finance this amount less the down payment required. Rollin and Sandra have a combined annual income of $83,600 and have saved $53,000. They have a recurring debt of $582. Use a 20% down payment and the 28/36 ratio to determine if Rollin and Sandra are eligible for a loan. What would you advise them to do if they are not eligible?
They have the required $53,000 down payment and can meet the 28/36 guidelines if their total monthly mortgage and housing costs are no more than $1,926 ($2,508 total-debt limit minus $582 recurring debt). Since the loan terms and other housing costs are not given, approval cannot be determined conclusively. If the estimated monthly costs exceed $1,926, they should consider a less expensive home, pay down recurring debt, or increase their down payment or income.
Rollin and Sandra want to buy a home priced at $265,000. They plan to finance this amount less the down payment required. Rollin and Sandra have a combined annual income of $83,600 and have saved $53,000. They have a recurring debt of $582. Use a 20% down payment and the 28/36 ratio to determine if Rollin and Sandra are eligible for a loan. What would you advise them to do if they are not eligible?
Using the standard 28/36 guidelines, what is the maximum mortgage payment allowed for someone with an annual salary of $60,750?
Mandy has an annual salary of $37,580. Each month she has a car payment of $265 and a student loan of $120. If she applies for a home loan, how likely is it Mandy will be approved based on her debt-to-income ratio?
Krista and Nick put a down payment of 20% on the purchase of their house, and then financed $200,000. What was the purchase price of the house?
Krista and Nick put a down payment of 20% on the purchase of their house, and then financed $200,000. What was the purchase price of the house?
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