How much to qualify to borrow for 15year fixed-rate mortgage

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Monthly Gross Income: $3,000 Money you have in savings for a down payment: $9,500 You have monthly payments for all existing debts of $400 How much do you qualify to borrow (assume 28% debt to income ratio and 10% down payment) a. For a 15-year fixed-rate mortgage? b. For a 30-year fixed-rate mortgage?

Reference no: EM13219631

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