Exercises: \#1: Using the loan qualifying ratios presented on page 194 for a conventional loan, what is the required gross monthly income (income before taxes and other withholdings) given required for a 300,000 loan, 6%,360 months AND the other expenses listed below. I have created and attached a worksheet you can use by inputting the key information. The inputs are in highlighted "yellow" and the calculations are highlighted "light grey". I suggest that you save the a copy of the worksheet just in case you input by error. It will calculate for you. - Property Taxes $300/m - Homeowners Ins. $40/m - HOA $20/m - Car Payment $400/m A) Will a gross monthly income of $7,500/m qualify? If not, which ratio(s) does not meet the requirements? B) What if the loan amount is $250,000 instead of $300,000 and the gross month income is $6,750 ? \#2: Search "12 CFR 1026.42" and then also go to the FNMA website ("www. Fanniemae.com") and search "Appraiser Independence Requirements" reposted 4/17". Can the selection of an appraiser used be assigned by anyone in the loan origination group? Exercises: \#1: Using the loan qualifying ratios presented on page 194 for a conventional loan, what is the required gross monthly income (income before taxes and other withholdings) given required for a 300,000 loan, 6%,360 months AND the other expenses listed below. I have created and attached a worksheet you can use by inputting the key information. The inputs are in highlighted "yellow" and the calculations are highlighted "light grey". I suggest that you save the a copy of the worksheet just in case you input by error. It will calculate for you. - Property Taxes $300/m - Homeowners Ins. $40/m - HOA $20/m - Car Payment $400/m A) Will a gross monthly income of $7,500/m qualify? If not, which ratio(s) does not meet the requirements? B) What if the loan amount is $250,000 instead of $300,000 and the gross month income is $6,750 ? \#2: Search "12 CFR 1026.42" and then also go to the FNMA website ("www. Fanniemae.com") and search "Appraiser Independence Requirements" reposted 4/17". Can the selection of an appraiser used be assigned by anyone in the loan origination group