8. (-/1 Points) DETAILS BRECMBC9 14.11.015.MI. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Carlos earns a gross income of $5,580 per month and applies for a mortgage with a monthly PITI of $1,227.60. Carlos has other financial obligations totaling $876.06 per month. If the lending ratio guidelines are as given in the table below. Lending Ratio Guidelines Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% What type of mortgage, if any, would Carlos qualify for? Carlos qualifies for an FHA mortgage under the lending guidelines, but not a conventional mortgage. Carlos qualifies for a conventional mortgage under the lending guidelines, but not an FHA mortgage. Carlos qualifies for both an FHA mortgage and a conventional mortgage under the lending guidelines. Carlos qualifies for neither an FHA mortgage and a conventional mortgage under the lending guidelines. Need Help? Read It Watch It Master It