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Calculate the maximum mortgage loan amount

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Cory and Tisha have a total household gross monthly income of $7,000 and monthly non-housing debt repayment of $911, what is the maximum mortgage loan amount for which Cory and Tish could qualify? Monthly real estate tax and homeowner's insurance together are estimated to be $170 per month. Use 4 percent as the current rate of interest and assume a 30-year, fixed rate mortgage.

Problem 1: Explain the 28 percent rule. Calculate the maximum mortgage loan amount under the 28 percent rule, and explain the calculations through which you obtained the answer

Problem 2: Explain the 36 percent rule. Calculate the maximum mortgage loan amount under the 36 percent rule, and explain the calculations through which you obtained the answer

Problem 3: What other information would be necessary or useful to help Cory and Tisha determine the appropriate loan amount?

Reference no: EM132869588

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