Qualifying for a Home Loan Answers

Which of the following would have a negative impact on determining eligiblity for a home loan?a.earning extra incomeb.moving into a different apartmentc.paying off credit card debtd.withdrawing money from savings

You work for a lender that requires a 15% down payment and uses the standard debt-to-income ratio to determine a person's eligibility for a home loan. Of the following, choose the person that you would rate the highest on their eligibility for a home loan. Person A Person B Person C Person D home value $95,000 $107,000 $120,000 $128,000 income $46,000 $53,000 $58,000 $60,000 savings $20,000 $13,910 $18,000 $19,200 recurring debt $310 $198 $265 $400 a. Person A b. Person B c. Person C d. Person D Please select the best answer from the choices provided

Using the 28/36 ratio, determine the maximum allowable recurring debt for someone with a monthly income of $3,200.a.$256b.$512c.$640d.$896

Using the standard 28/36 guidelines, what is the maximum mortgage payment allowed for someone with an annual salary of $60,750?a.$1,215.00b.$1,417.50c.$1,701.00d.$1,822.50

How much annual income would you need to have if, using the 28/36 ratio, your maximum allowable recurring debt is $500?a.$21,430b.$30,000c.$62,500d.$75,000

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?

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?a.$480b.$4,080c.$4,800d.$48,000

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?a.Very likely; recurring debt is less than what is allowed.b.Somewhat likely; recurring debt is equal to what is allowed.c.Not likely; recurring debt is higher than what is allowed.d.There is not enough information given to determine the answer.

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?