Carlos earns a gross income of $5,580 per month and applies for a mortgage with a monthly PITI of $1,450.80. Carlos has other financial obligations totaling $764.46 per month. If the lending ratio guidelines are as given in the table below. Lending Ratio Guidelines Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% What type of mortgage, if any, would Carlos qualify for? O Carlos qualifies for an FHA mortgage under the lending guidelines, but not a conventional mortgage. O Carlos qualifies for a conventional mortgage under the lending guidelines, but not an FHA mortgage. O Carlos qualifies for both an FHA mortgage and a conventional mortgage under the lending guidelines. O Carlos qualifies for neither an FHA mortgage and a conventional mortgage under the lending guidelines.

Carlos earns a gross income of $5,580 per month and applies for a mortgage with a monthly PITI of $1,450.80. Carlos has other financial obligations totaling $764.46 per month. If the lending ratio guidelines are as given in the table below. Lending Ratio Guidelines Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% What type of mortgage, if any, would Carlos qualify for? O Carlos qualifies for an FHA mortgage under the lending guidelines, but not a conventional mortgage. O Carlos qualifies for a conventional mortgage under the lending guidelines, but not an FHA mortgage. O Carlos qualifies for both an FHA mortgage and a conventional mortgage under the lending guidelines. O Carlos qualifies for neither an FHA mortgage and a conventional mortgage under the lending guidelines.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

Correct answer needed with step by step explanation.
Guadalupe has a mortgage of $581,000 through her bank for property purchased. The loan is repaid by end of month payments of $3,577.53 with an interest rate of 4.53% compounded monthly over 21 years. What is the interest paid in the 2nd year of the mortgage?Interest paid in 2nd year = TVM FORMULA
Seven years ago, Carlos took out a 30-year mortgage for $185,000 at 5.6 percent. He has made all of the monthly payments as agreed. What is his current loan balance? Ans: $ 164,619.6
Ransford and Alda Mariano own a home recently appraised for $426,500. The balance on their existing mortgage is $113,087. If their bank is willing to loan up to 80% of the appraised value, what is the amount of credit available to them (in $)? $
Kristina has a mortgage of $575,000 through her bank for property purchased. The loan is repaid by end of month payments of $4,182.71 with an interest rate of 6.96% compounded monthly over 23 years. What is the interest included in the 39th payment of the mortgage? Enter a POSITIVE VALUE rounded to two decimal places. %24
Demetrius owns his home and pays a monthly mortgage payment of $786 for it. (Recall that a mortgage payment is the payment made on a home loan each month.) His mortgage payment includes costs for property taxes and homeowner's insurance, which is a standard practice. His annual gross (pre-tax) salary is $39,764. His utilities typically cost $151 per month. What is his housing expense ratio? (Enter the answer in PERCENTAGE FORMAT, rounded to the nearest 0.1%, without the '%' sign. For example, if the answer were 0.12345 in decimal format, enter '12.3' for the answer, since 12.345% rounds to 12.3%.)
olonda signs a $300,000 mortgage, 4-year term, monthly payments at 7% c.m. amortized over 25 years. Their employer subsidies her mortgage using a rate of 4% c.m. Find the monthly subsidy he receivd Find reular payment amount for 4% c.m. !
Both A and B took out 30-year mortgages. A paid his off in 28 years. B paid hers off in 25 years. All else equal, who paid more interest? Select one: a. A=B b. B c. A
Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $324,800. The balance on their existing first mortgage is $154,720. If their bank is willing to loan up to 75% of the appraised value, what is the amount (in $) of credit available to the Bradys on a home equity line of credit? $
Kevin Mills has a monthly take-home pay of $3,315; he makes payments of $430 a month on his outstanding consumer credit (excluding the mortgage on his home). How would you characterize Kevin's debt burden? Assume that the debt safety ratio below 10% is considered low, below 15% - manageable, and the maximum acceptable debt safety ratio is 20%.
Jatapra
Fatima received a $49,800 mortgage that is amortized over 6 years. She negotiated a fixed interest rate of 5.06% compounded semi-annually for the term with repayments made on a bi- weekly basis. a) Calculate the size of the payments (Round off to the nearest dollar). $ 8355.28 b) If the payments are rounded off to the nearest dollar, fill in the missing values of the partial amortization schedule below (All the other values are rounded off to two decimal places). Payment Number 0 1 2 155 156 Total Payment Amount PMT (S) S +A S Interest Portion INT ($) $ S SA SA Principal Portion PRN ($) $49,800 Loan Balance BAL ($) S $49,800 $0

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