Question by Andrew R: How much mortgage payment are they qualified for?
Pete and Pam want to purchase a new home but don’t know how much mortgage they can qualify for. The lender requires total installment loan payments not exceed 32% of gross monthly income. Based on Pete and Pam’s financial data below, illness pill what is the maximum monthly mortgage payment for which they can qualify?
Monthly Gross Income
$ 5, illness 000
Car payment
400
Student loan payment
300
Current rent payment
1,000
Options:
$ 1,700
$ 1,600
$ 900
$ 600
$ 500
Best answer:
Answer by bdancer222
32% of monthly gross income would be $ 1600. But that would really stretch Pete and Pam’s budget. They would be smarter to stay under 25% of their monthly gross income. That way they’d have some wiggle room when all the extra expenses of owning a home hit them.
Know better? Leave your own answer in the comments!
Some cool mansion pictures:
Mansion Property, treat Acacia Hall across the Darent
Image by kenjonbro
The classical Grade II listed Mansion Property now identified as Acacia Hall was built on land originally granted to Michael de Wallensi in 1261. Right now this historic mansion with nine acres of landscaped gardens on the banks of the River Darent has been licensed to carry out civil wedding ceremonies.
Far more wonderful homes click here…
Mansion Residence, more about Kennington, SE11
Image by Ewan-M
A closed pub, possibly undergoing refurbishment. The Old Red Lion is next door to the correct of this photo.
Address: 46 Kennington Park Road.
Former Name(s): The Mansion Property Stores.
Owner: Shepherd Neame (former).
Links:
Fancyapint
Beer in the Evening
Dead Pubs (history)
For a lot more houses click right here…
Mansion’s Window
Image by Leo Chimaera
Gorgeous window on striking blue wall of an old Chinese mansion in Penang, Malaysia.
If you would like to see much more homes click here…
FHA In 2013 : New FHA Mortgage Insurance Premiums, website New MIP Cancellation …
The future of FHA lending may look very different from today with stricter guidelines, viagra order tougher loan terms, and an increase to FHA mortgage insurance premiums. The FHA has put its plan to paper. For this year's home buyers and would-be refinancing …
If you would like more informaiton please visit here…
