Question
Sale price of the house is $220,000, property insurance is 0.4% of house value per year, property tax is 1% of house value per year,
Sale price of the house is $220,000, property insurance is 0.4% of house value per year, property tax is 1% of house value per year, a fully amortized mortgage has loan-to-value ratio of 85, term of 15 years, annual interest rate of 8%, and monthly payments. Other debt, e.g., credit cards, student loans, is $500 a month. What is the front-end qualifying income given the front ratio of 28%?
A. | Between $74,000 and $76,000 | |
B. | Between $76,000 and $78,000 | |
C. | Between $78,000 and $80,000 | |
D. | Between $80,000 and $82,000 | |
E. | Between $82,000 and $84,000 | |
F. | Between $84,000 and $86,000 | |
G. | Between $86,000 and $88,000 |
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