Mary wants an FHA loan to buy a house. She would have these monthly expenses: $536.82Principal and
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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)
$ 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?
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