Find the maximum monthly payment allowable

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Reference no: EM132062782

Coretta Bradley’s sister, Bernice, is getting prequalified for an FHA home mortgage loan. FHA guidelines require qualifying ratios of 29/41. Find the maximum monthly payment allowable.

Bernice’s income: $4,518 monthly salary, $250 monthly alimony, $945 annual interest from investments

Housing costs: $1,830 annual property taxes, $498 annual insurance premium, $210 monthly condo maintenance fee

Bernice’s monthly debt: $233.50 car payment, $100 installment loan payment, $25 minimum credit card payment

Reference no: EM132062782

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