Based on this information, what type of loan would you suggest to Jamie? In your answer, please include: - The type of loan, including the term of the loan, if applicable (for example, a 30-year fixed-rate mortgage); - The type of payment option you would recommend, if applicable; - Why did you choose the loan type you chose? What factors did you rely on to make your decision? (for example, retirement status, income, etc.); - Is the loan traditional or nontraditional, qualified or nonqualified, conforming or nonconforming, and how can you tell? ayporealestate.com Instructions Read the following two scenarios and answer the questions provided. In each of your responses, please include: A clear answer that shows your understanding of the course material All of the relevant acts that relate to each answer Scenario 1 You are a licensed MLO and Jamie Fernandez has come to your office looking for a mortgage loan. After taking his application, you find out the following: His gross monthly income is unpredictable because Jamie is a freelance video editor, but he estimates that his average gross monthly income is $3,200. He tells you his credit score is "almost 600 ," because of some credit cards he took out when he was in college, but he swears he is paying off the debt and is a great borrower. You will need to confirm what his credit score is. The address of the property he would like to purchase. The asking price of the house is $289,000. Jamie tells you he is able to put down $40,000 and is seeking a loan for $249,000. Jamie really likes the house and the neighborhood and is planning to retire there. He tells you he does not plan to sell in the near future