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Suppose you make $65,000/year. You want to purchase a $300,000 house with a 90% LTV loan. The current 30-year FRM interest rate is at 6.5%.

Suppose you make $65,000/year. You want to purchase a $300,000 house with a 90% LTV loan. The current 30-year FRM interest rate is at 6.5%. Your monthly insurance and property tax payment add up to $250. The lender allows a maximum Total Housing Expenses to Income rate of 35%. Will you qualify for this loan? (2 points)

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