3. Roberto, Willie & Hank have applied for a mortgage loan so they can purchase their own home. Their individual credit scores are each well above the minimum 640 required by the mortgage lender. The appraised value of the house is $300,000 and the purchase price of the house is $305,000. The maximum loan to value the mortgage lender allows on this program is 90%. The mortgage lender's maximum allowable front-end debt to income is 29% and the maximum allowable back-end debt to income ratio is 41%. The mortgage lender is charging a one-point origination fee. This fee is included in the closing costs below. Based on the information from their bank depository accounts, their credit reports and various income verification sources, you are given the following: Total Gross Monthly Income: $15,000 Money on Deposit in their bank accounts: $38,000 Monthly PITI payment: $3,100 Total Other Monthly Debt: $3,050 Loan Closing Costs: $3,000 Questions: 1. What is the maximum loan amount the mortgage lender will provide? 2. What is the amount of the down payment required from Roberto, Willie & Hank? 3. What is the applicants' front-end debt to income %? 4. What is the applicants' back end debt to income %? 5. Do the applicants have enough money in their bank account to cover the total of down payment, origination point and closing costs? 6. Based on the mortgage lender's parameters, do Roberto, Willie & Hank qualify for the loan? Why or why not