Reference no: EM132756209
Question: John & Julie Smith $100,000 sales price $88,000 loan amount 4.50% mortgage interest rate Amortization = 30 years
Primary borrower annual salary = $51,240
Secondary borrower annual salary = $23,280
Checking acct = $4,000
Savings acct = $18,000
Real estate taxes = $2,400/year
Insurance = $972/year
2002 Honda Civic; $6,500 value, $2,798 loan balance; pmts = $146/month
2007 Nissan Maxima; $11,000 value, $6,988 loan balance; pmts = $248/month
Personal property = $4,200 value
Rent = $650/month
Credit card #1 = $1,978
Credit card #2 = $748
Credit card #3 = 1,400
Credit card pmts = 2% of balance
Student loans = $18,000
Student loan pmt = 4% of balance
Utility bill average = $275/m
Car insurance = $845 every 6 months
Child care = $800/month
Credit score = 650; average
If you were the loan officer underwriting this request, what would your credit decision be? Please defend your decision. The response must be typed, double spaced, times new roman, font size 12 and must follow APA format.
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