What happens if you default when the Loan to Value is only down to $85\%?$

$$ Suppose your gross monthly income is $$8,000.$ Assume that property taxes, homeowner$$s insurance, and mortgage insurance payments total $$350$ a month. In addition, assume you have automobile and student loan payments that total $$300$ a month. If $30-$year fixed rate mortgages have a current annual percentage rate of $7$ percent, how much do you qualify to borrow based on the payment$-$to$-$income ratios described in the chapter? Show work!

$$ Suppose you are interested in buying a home valued at $$600,000$ and $30-$year fixed$-$rate mortgages have an interest rate of $7\%.$ What is your minimum down payment assuming you will borrow with a conventional mortgage? If property taxes and homeowner insurance total $$600$ per month and that you have other loan payments totaling $$300$ per month, how much do you need to earn on a monthly basis to qualify for a mortgage?

$$ For the following participants in the Mortgage Secondary Market, explain the name, how it works, who guaranties what, and how the US government is involved. A clear explanation of how each one is different from the others is important.: $$

$$ Ginnie Mae I$$

$$ Fannie Mae$$

$$ Freddie Mac$$

$$ PIPs