Dante has applied for a mortgage loan at a bank that requires a maximum debt payment ratio of 42% and a maximum mortgage debt service ratio of 38%. Dantes monthly gross income is $4,000. He has a student loan payment of $200 per month and credit card payments of $100 per month. If his mortgage is approved, the total payment (including principal, interest, property taxes, and insurance) will be $1500 per month. Will he qualify for this loan based on his ratios?

Group of answer choices

No, Dante's mortgage debt service ratio is too high

Yes Dante's income is high enough to support the additional expenses related to the mortgage

Yes, at least one of his ratios are within the guidelines.

No, Dante's debt payment ratio is too high

No, neither of Dante's ratios are within the required limits.