They will allow jim to spend on monthly mortgage payment

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Reference no: EM131869710

1) Jim has an annual income of $185,000. Jim is looking to buy a house with monthly property taxes of $140 and monthly homeowner’s insurance of $70. Jim has $178 in monthly student loan payments.

Apple bank has a maximum back end DTI limit of 28%. Given the back end DTI constraint, what is the most they will allow Jim to spend on a monthly mortgage payment?

2) Jim has an annual income of $185,000. Jim is looking to buy a house with monthly property taxes of $140 and monthly homeowner’s insurance of $70. Jim has $178 in monthly student loan payments.

Apple bank has a maximum front end DTI limit of 28% and a maximum back end DTI limit of 36%. Given both limits, what is the most they will allow Jim to spend on a monthly mortgage payment?

Reference no: EM131869710

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