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Bobby is hoping to purchase a home. Using the FHA housing payments-to-income ratio, determine if Bobby can qualify to purchase the home. His monthly expenses

Bobby is hoping to purchase a home. Using the FHA housing payments-to-income ratio, determine if Bobby can qualify to purchase the home. His monthly expenses will include: mortgage payment of $1,375, taxes of $205 and insurance of $100. Bobby's monthly gross income is $4,200 per month. Can Bobby afford the home?

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