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1. Using a front-end (top) ratio of 33% and a back-end (bottom) ratio of 38%, qualify a buyer earning $100,000 per year for a 30-year
1. Using a front-end (top) ratio of 33% and a back-end (bottom) ratio of 38%, qualify a buyer earning $100,000 per year for a 30-year loan of $400,000 with an 8% interest rate. Assume taxes at $5,000 per year and insurance at $1,000 per year. Assume the buyer is making payments on loans of $43,000, and the monthly payments are $2,080. 2. Obtain the ARM terms from three different lenders. Lay them out on paper, showing the differences. Which loan would be best suited for a person having what needs? 3. Discuss prequalification practices of local lenders. 4. Complete a loan application for a fictitious borrower, using realistic income, expense, debt, and savings figures. How large a conforming loan will this fictitious applicant qualify for? 5. Bring to class one current-events article dealing with some aspect of real estate practice. fg hp fg f10 00 f11 f12 ins
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