Suppose you earn a gross income of $2,580 per month and apply for a mortgage with a monthly PITI of $830.76. You have other financial obligations totaling $118.68 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would you qualify for? $$\begin{array} { | l | l | l | }
\hline \text { Mortgage Type } & \text { Housing Expense Ratio } & \text { Total Obligations Ratio } \
\hline \text { FHA } & 29 \% & 41 \% \
\hline \text { Conventional } & 28 \% & 36 \% \
\hline
\end{array}$$

Question

Suppose you earn a gross income of $2,580 per month and apply for a mortgage with a monthly PITI of $830.76. You have other financial obligations totaling $118.68 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would you qualify for? $$\begin{array} { | l | l | l | } 
\hline \text { Mortgage Type } & \text { Housing Expense Ratio } & \text { Total Obligations Ratio } \
\hline \text { FHA } & 29 \% & 41 \% \
\hline \text { Conventional } & 28 \% & 36 \% \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Suppose you earn a gross income of $2,580 per month and apply for a mortgage with a monthly PITI of $830.76. You have other financial obligations totaling $118.68 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would you qualify for? $$\begin{array} { | l | l | l | } 
\hline \text { Mortgage Type } & \text { Housing Expense Ratio } & \text { Total Obligations Ratio } \
\hline \text { FHA } & 29 \% & 41 \% \
\hline \text { Conventional } & 28 \% & 36 \% \
\hline
\end{array}$$

Suppose You Earn a Gross Income of $2,580 Per Month