- Their financial records report a combined gross before-tax annual income of $145,000 and current (premortgage) installment loan, credit card, and car loan debt of $2,115 per month. - Their property taxes and homeowner's insurance policy are expected to cost $3,225 per year. - Their best estimate of the interest rate on their mortgage is 7.5%, and they are interested in obtaining a 15-year loan. - They have accumulated savings of $50,500 that can be used to satisfy the home's down payment and closing costs. - The lender requires a minimum 20\% down payment, and an affordability ratio that ranges from a minimum of 25% to a maximum of 30% Use either your financial calculator or the maximum affordable mortgage foan formula to complete the following home affordability worksheet. (Note: When completing the form, round each dollar amount to the nearest whole dollar. Unless labeled differently, all of the following values represent dollar amounts. Also, some values caiculated or used in the upper section of the table may also be used in the lower section.) MAXIMUM AFFCRDABLE MORTGACE LOAN FCRMULA Given these results, which statement regarding Ana and Yakov's mortgage qualification process and the purchase of their $215,000 target home is true? where Ana and Yakov do not qualify to purchase their $215,000 target home according to the Monthly Income Affordability Worksheet criterion. Ana and Yakov qualify to purchase their $215,000 target home according to the Monthly Income Affordability Worksheet criterion. - Their financial records report a combined gross before-tax annual income of $145,000 and current (premortgage) installment loan, credit card, and car loan debt of $2,115 per month. - Their property taxes and homeowner's insurance policy are expected to cost $3,225 per year. - Their best estimate of the interest rate on their mortgage is 7.5%, and they are interested in obtaining a 15-year loan. - They have accumulated savings of $50,500 that can be used to satisfy the home's down payment and closing costs. - The lender requires a minimum 20\% down payment, and an affordability ratio that ranges from a minimum of 25% to a maximum of 30% Use either your financial calculator or the maximum affordable mortgage foan formula to complete the following home affordability worksheet. (Note: When completing the form, round each dollar amount to the nearest whole dollar. Unless labeled differently, all of the following values represent dollar amounts. Also, some values caiculated or used in the upper section of the table may also be used in the lower section.) MAXIMUM AFFCRDABLE MORTGACE LOAN FCRMULA Given these results, which statement regarding Ana and Yakov's mortgage qualification process and the purchase of their $215,000 target home is true? where Ana and Yakov do not qualify to purchase their $215,000 target home according to the Monthly Income Affordability Worksheet criterion. Ana and Yakov qualify to purchase their $215,000 target home according to the Monthly Income Affordability Worksheet criterion
