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Coretta Bradley's sister, Bernice, is getting prequalified for an FHA home mortgage loan. FHA guidelines require qualifying ratios of 29/41.Find the maximum monthly payment allowable.
Coretta Bradley's sister, Bernice, is getting prequalified for an FHA home mortgage loan. FHA guidelines require qualifying ratios of 29/41.Find the maximum monthly payment allowable.
Bernice's income:$4,518monthly salary, $250 monthly alimony, $945 annual interest from investments
Housing costs:$1,830 annual property taxes, $498 annual insurance premium, $210 monthly condo maintenance fee
Bernice's monthly debt:$233.50 car payment, $100 installment loan payment, $25 minimum credit card payment
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