Question
I need to find the mortgage loan amount and can't remember how to do it.
The borrowers have a combined gross monthly income of $50,400. Sale price is $190,000 and buyers are able to obtain a 90% conventional FNMA/FHLMC loan at 4 3/4% for 30 years. The annual PMI premium is .46% of the mortgage amount. Annual property taxes are $3,360 and annual homeowner's insurance is $540. In addition, the borrowers have a monthly credit card payment of $75, 2 auto loan payments of $200 and $275, student loan payments of $350 per month. They have stable jobs and good credit. Do they qualify?
The borrowers have a combined gross monthly income of $50,400. Sale price is $190,000 and buyers are able to obtain a 90% conventional FNMA/FHLMC loan at 4 3/4% for 30 years. The annual PMI premium is .46% of the mortgage amount. Annual property taxes are $3,360 and annual homeowner's insurance is $540. In addition, the borrowers have a monthly credit card payment of $75, 2 auto loan payments of $200 and $275, student loan payments of $350 per month. They have stable jobs and good credit. Do they qualify?
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