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Roberto is applying for a mortgage. He has a monthly gross income of $3,500. The home he would llke to buy has monthly payments for
Roberto is applying for a mortgage. He has a monthly gross income of $3,500. The home he would llke to buy has monthly payments for the following: $1,000 mortgage, $150 property taxes, $75 homeowners insurance premium, and $75 martgage insurance premlum. Roberto aiso has other monthly debts totaling $500 per month. Based on the Federal Hacising Administration (FHA) total fixed payments-to-income ratio, would he quallfy for the mortgage loan? No, his total fixed payments-to-income ratio is 51%. (B) Yes, his total fixed payments-to-income ratio is 37%. No, his total fixed payments-to-income ratio is 37%. Yes, his total fixed payments-to-income ratio is 51%
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