Question
The lender requires a borrower's total debt payment ratio to be 36% or less, and the mortgage debt service ratio to be no more than
The lender requires a borrower's total debt payment ratio to be 36% or less, and the mortgage debt service ratio to be no more than 28% of gross income. If the Gonzales have PITI payments of $ 575 per month and $ 100 of additional debt, how much gross income do they need to qualify for the mortgage?
A. $ 2054
B. $ 2411
C. $ 1597
D. $ 1875
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Fundamentals Of Financial Management
Authors: James Van Horne, John Wachowicz
13th Revised Edition
978-0273713630, 273713639
