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A Mortgage Applicant Who Has a Monthly Gross Income of $4,770

Question 54

Multiple Choice

A mortgage applicant who has a monthly gross income of $4,770 applies for a mortgage with monthly PITI of $1,669.50. The applicant's other financial obligations total $281.43 per month. (Use the ratio guidelines from your text) What type of mortgage, if any, would the applicant qualify for?


A) FHA only
B) none
C) Conventional only
D) FHA and Conventional

Correct Answer:

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