se answer the following questions and show all of 1. Lois and Clark have applied for a mortgage loan to purchase their own home. Their credit scores are well above the minimum 640 required by the mortgage lender The appraised value and purchase price of the house is the same at $250,000. The maximum Loan to Value the mortgage lender allows on this program is 90%. The mortgage lender's maximum front end debt ratio allowed is 29%, and the maximum back end debt ratio allowed is 41%. The mortgage lender is charging a 1 point origination fee that is included in the total closing costs Based on the information verified from their bank depository account, their credit reports various income verification source (tax returns, W-2 forms, paystubs, and verifications of employment), you are given the following: Total Gross Monthly Income: $10,000 Money on deposit in Lois and Clark's bank account $28,000 Monthly PITI: $2,850 Total Other Monthly Debt: $1,150 Total loan closing costs: $3,000 Questions: 1. What is the maximum loan amount that will be allowed? 2. What is the amount of the down payment required from Lois and Clark? 3. What is the total amount of the down payment and closing costs? 4. What is their front end debt to income ratio? 5. What is their back end debt to income ratio? 6. Do Lois and Clark have enough money in their bank account to cover the total of the down payment and closing costs? Based on the information given and the mortgage lender's parameters, do Lois and Clark qualify for the loan? Explain why or why not 7