Question
Mary wants an FHA loan to buy a house. She would have these monthly expenses: $536.82Principal and Interest ($100,000 at 5% for 360 months) $
Mary wants an FHA loan to buy a house. She would have these monthly expenses:
$536.82Principal and Interest ($100,000 at 5% for 360 months)
$ 53.00Property Taxes
$ 25.00Homeowners Insurance
$ 95.83MIP (FHA Mortgage Insurance Premium based on 96% LTV)
+$ 90.00Homeowners Association Dues
$800.65Total Housing Expense (PITI)
- What should Mary's required stable monthly gross income be to qualify for this loan?
Step by Step Solution
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Step: 1
To qualify for an FHA loan lenders typically use the following guidelines for the ratios of the borr...
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Personal Finance
Authors: Thomas Garman, Raymond Forgue
12th edition
9781305176409, 1133595839, 1305176405, 978-1133595830
