Question
The mortgage payments for a house you are considering purchasing are $2,500 a month and the taxes and insurance on the home are $8,000 per
The mortgage payments for a house you are considering purchasing are $2,500 a month and the taxes and insurance on the home are $8,000 per year. You earn $80,000 per year before taxes and had no other debt. Can you qualify for the bank loan and afford the home? The bank loan allowable % of income is 28%
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
Based on the 28 rule used by many lenders your maximum monthly housing expense should be 2286 80000 ...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
