A gross household income of $3800 and total monthly mortgage financing of $1330 will result in an approved mortgage loan application.

Name: A gross household income of $3800 and total monthly mortgage financing of $1330 will result in an approved mortgage loan application.
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Question

Quizplus · Accepted Answer

Lenders typically use a debt-to-income (DTI) ratio to assess mortgage eligibility. A common threshold is 28% for housing expenses. $1330 is about 35% of $3800, which exceeds this threshold.

A Gross Household Income of $3800 and Total Monthly Mortgage