Reference no: EM13333449
1) You want to purchase a home for $239,950 and have saved enough for a 20 percent down payment. The mortgage interest rate is 5.25 percent with for a 30 year loan with monthly payments. You earn $65,000 per year from all sources and have existing debt (student loans, credit card payments, car payment, etc.) of $600 per month. The total debt ratio is 36 percent. Do you qualify to purchase this property?
2) You have found your dream home! The purchase price is $275,000 and you have saved enough to cover your closing costs as well as a 20 percent down payment. The Virginia Credit Union is willing to lend you 80 percent of the purchase price with an interest rate of 4.75 percent amortized over a 30 year period with monthly payments, provided that your totaling housing cost does not exceed 28 percent of your income and your total debt does not exceed 36 percent of your income. Real estate taxes are 1 percent of the purchase price, insurance is $900 per year and homeowners association dues are $200 per month. Your annual earned income is $68,000 and you have income from other sources (investments, stocks, bonds, CDs, etc.) of $4,500 per year. Your other debt (student loans, car payment, credit cards, etc.) obligate you to pay $800 per month.
Do you qualify to purchase the house?
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: You want to purchase a home for $239,950 and have saved enough for a 20 percent down payment. The mortgage interest rate is 5.25 percent with for a 30 year loan with monthly payments.
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