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12-1. Assume the following monthly data for the Jones family: LOAN AMOUNT, $85,000 JONES FAMILY $3,400 425 795 160 625 Gross income Federal taxes PITI

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12-1. Assume the following monthly data for the Jones family: LOAN AMOUNT, $85,000 JONES FAMILY $3,400 425 795 160 625 Gross income Federal taxes PITI Utilities and maintenance Other debt payments Social Security, retirement, life Insurance, state, and local taxes Minimum residual 235 1,200 a. Compute the relevant qualifying ratios for (1) an FHA loan and (2) a VA loan. b. Under which ratios, if any, would the Jones family qualify for a loan

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