Q22

A mortgage applicant who has a monthly gross income of $2,780 applies for a mortgage with a monthly PITI of $689.44. The applicant's other financial obligations total $405.88 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would the applicant qualify for?

Mortgage Type	Housing Expense Ratio	Total Obligations Ratio
FHA	29%	41%
Conventional	28%	36%

a. Neither FHA nor Conventional

b. Both FHA and Conventional

c. FHA only

d. Conventional only