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What monthly amount for housing expenses will lender allow

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Reference no: EM133117386

Question - A borrower earns $8,000/month and makes credit card and car note payments of $900. A conventional lender requires a 30% income ratio. What monthly amount for housing expenses (principle, interest, taxes, insurance) will the lender allow this person to have in order to qualify for a conventional mortgage loan?

a. $2,400

b. $900

c. $1,500

d. $1,200

Reference no: EM133117386

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