PLSASE ENTER ANSWERS IN BLUE BOLD INK to buy a house. Ann gives the following information to the bank Income: $240k/year or 20k/month Average monthly debt: $2k Estimated monthly Taxes+ Insurance: $700 Down-payment: $50k saved -Ann's down-payment will be $50k, she will take out a mortgage for the remainder Ann qualifies for a 30 year FA-CPM-FRM (monthly payments & monthly compounding) with Annual interest rate: 4% Income test: (28%/36%) collateral test: LTV 95%--Bo 19 * DP Closing costs + buy-down points: ss,000 + 1.75% of the balance at origination. -Example: if Ann gets a $100k mortgage, she will pay $Sk+$1.75k $6.75k at origination. 1 Underwriting 1.1: Fill in the spreadsheet (sheet "Underwriting") for Ann. 1.2: based on the FE DTI what is the biggest payment Ann can make? .3: based on the BE DTI what is the biggest payment Ann can make? 4: based on both the FE & BE DTI what is the biggest payment Ann can make? 5: based on both the FE & BE DTI what is the biggest loan Ann can get? 6: based the LTV test and Ann's $50k down-payment, what is the biggest loan Ann can get? 7: based on the income & collateral tests, what is the biggest loan Ann can get? 8: based on the income & collateral tests, what is the biggest payment Ann can make? : if Ann makes a 50k down-payment, how much house can Ann afford? 0: how much are Ann's total mortgage closing costs? PLSASE ENTER ANSWERS IN BLUE BOLD INK to buy a house. Ann gives the following information to the bank Income: $240k/year or 20k/month Average monthly debt: $2k Estimated monthly Taxes+ Insurance: $700 Down-payment: $50k saved -Ann's down-payment will be $50k, she will take out a mortgage for the remainder Ann qualifies for a 30 year FA-CPM-FRM (monthly payments & monthly compounding) with Annual interest rate: 4% Income test: (28%/36%) collateral test: LTV 95%--Bo 19 * DP Closing costs + buy-down points: ss,000 + 1.75% of the balance at origination. -Example: if Ann gets a $100k mortgage, she will pay $Sk+$1.75k $6.75k at origination. 1 Underwriting 1.1: Fill in the spreadsheet (sheet "Underwriting") for Ann. 1.2: based on the FE DTI what is the biggest payment Ann can make? .3: based on the BE DTI what is the biggest payment Ann can make? 4: based on both the FE & BE DTI what is the biggest payment Ann can make? 5: based on both the FE & BE DTI what is the biggest loan Ann can get? 6: based the LTV test and Ann's $50k down-payment, what is the biggest loan Ann can get? 7: based on the income & collateral tests, what is the biggest loan Ann can get? 8: based on the income & collateral tests, what is the biggest payment Ann can make? : if Ann makes a 50k down-payment, how much house can Ann afford? 0: how much are Ann's total mortgage closing costs
