Question
Dante has applied for a mortgage loan at a bank that requires a maximum debt payment ratio of 42% and a maximum mortgage debt
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%. Dante's 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?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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