Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mr . and Mrs . Vargas are looking for a home they want to be pre - qualified for the loan. Together they earn $
Mr and Mrs Vargas are looking for a home they want to be prequalified for the loan. Together they
earn $ annually and have saved $ for down payment. Their current car debt of $ a
month for two more years and a master card with minimum payment of $ They have three children
and are looking for good schools and since they both work in downtown McAllen they want a maximum
commute time of minutes. They want a home with good resale value and they plan to live in the
home for at least years. They are looking for a to sq ft home with four bedrooms and a
fenced backyard. They are also worried about security. They also dont want a high house payment.
Based on the following criteria to determine the maximum that the Vargas can borrow Assume
property taxes of and home insurance of $ What is the maximum loan amount they can
qualify for assume a $ down payment. Using the internet find the appropriate loan assuming a
credit score of
Loan to value ratio of
Maximum mortgage payment to income ratio is
Maximum income to mortgage, property taxes, Insurance and mortgage insurance
Maximum income to all housing expense to all housing expenses and obligations
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started