Mary is trying to qualify for a home loan but her lender tells her that her debt-to-income ratio is too high for FHA standards. What can Mary do to qualify for an FHA loan? О Transfer some of her existing debt to one or more credit cards. О Take out an equity line of credit to pay for the down payment. О Pay off one or more of her existing loans, such as a car loan or credit card debt. Decrease her credit score.
Mary is trying to qualify for a home loan but her lender tells her that her debt-to-income ratio is too high for FHA standards. What can Mary do to qualify for an FHA loan? О Transfer some of her existing debt to one or more credit cards. О Take out an equity line of credit to pay for the down payment. О Pay off one or more of her existing loans, such as a car loan or credit card debt. Decrease her credit score.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
Related questions
Question
![Mary is trying to qualify for a home loan but her
lender tells her that her debt-to-income ratio is
too high for FHA standards. What can Mary do
to qualify for an FHA loan?
О Transfer some of her existing debt to one or
more credit cards.
О Take out an equity line of credit to pay for
the down payment.
О Pay off one or more of her existing loans,
such as a car loan or credit card debt.
Decrease her credit score.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2710b037-a612-4a76-8595-38085172c6b6%2Ff45d1fe8-bc63-4af8-aa54-7c01a306c0da%2F834xxyn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Mary is trying to qualify for a home loan but her
lender tells her that her debt-to-income ratio is
too high for FHA standards. What can Mary do
to qualify for an FHA loan?
О Transfer some of her existing debt to one or
more credit cards.
О Take out an equity line of credit to pay for
the down payment.
О Pay off one or more of her existing loans,
such as a car loan or credit card debt.
Decrease her credit score.
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