A couple is required by their lender to have a down payment of 20% of the purchase price of the home they want to buy. If the couple has saved $35,000, what is the most expensive home the couple can afford to buy?a.$63,000b.$140,000c.$175,000d.$210,000
Using the 28/36 ratio, determine the maximum allowable recurring debt for someone with a monthly income of $4,850.a.$388b.$776c.$970d.$1,358
Using the standard 28/36 guidelines, what is the maximum mortgage payment allowed for someone with an annual salary of $73,025?a.$2,190.75b.$2,044.70c.$1,703.92d.$1,217.08
Mr. and Mrs. Lorenzo want to buy a home valued at $213,500. If they have 18% of this amount saved for a down payment, how much have they saved?a.$384.30b.$3,843.00c.$38,043.00d.$38,430.00
You work for a lender that requires a 20% 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 $175,000 $200,000 $220,000 $250,000 income $51,000 $58,000 $63,000 $67,000 savings $35,000 $40,000 $42,000 $50,000 recurring debt $350 $250 $200 $450 a. Person A b. Person B c. Person C d. Person D Please select the best answer from the choices provided
Which of the following would least likely be used to determine your eligibility for a home loan?a.credit history reportb.current utility billsc.recurring debt totald.savings account balance
You work for a lending institution and are tasked with whether or not to approve a home loan, using the standard 28/36 ratio. The loan application is for $230,000. You see that the applicant has an annual salary of $83,000. The applicant also has a car payment of $315, a student loan of $140 and a boat loan of $96. How likely are you to approve the loan? a. Very likely; recurring debt is considerably less than what is allowed. b. Somewhat likely; recurring debt is very close 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. Please select the best answer from the choices provided
Bessie has an annual salary of $51,360. Each month she has a car payment of $210 and a student loan of $50. If she applies for a home loan, how likely is it Bessie 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.
Using the standard 28/36 guidelines, if the maximum monthly mortgage payment allowed for someone applying for a home loan is $1,085, what is their annual income?a.$36,167b.$46,500c.$65,100d.$162,750
How much annual income would you need to have if, using the 28/36 ratio, your maximum allowable recurring debt is $380?a.$16,290b.$22,800c.$57,000d.$75,000
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