Hello,

Upper-level assistance requested for the attached assignment. Thank you

Real Estate urgent

3/9/2020 Sample Content Topic

https://purdueglobal.brightspace.com/d2l/le/content/115680/viewContent/9224785/View 1/1

Qualifying for a Mortgage

In your Learning Activity you received some practice
regarding the housing expense ratio and the debt-to-income
ratio. In this assignment, you will apply these ratios to a
scenario to qualify yourself for a mortgage.

Scenario: You have found a home you wish to purchase.
The PITI (i.e., monthly payments) on the mortgage you have
applied for is $1425.00 per month. You gross monthly
income is $4,750.00 per month and your car payments are
only $150 for the next 4 years since you paid the majority of
the price of the car in cash, and you have no credit card
debt. Additionally, you only have $10,000 to put down on the
property.

Access the formulas for calculating the housing expense rati
o and debt-to-income ratio

Calculate your housing expense ratio.

Then calculate the debt-to-income ratio.

Would you qualify for a conventional loan? Why or why
not? Provide both ratios and your reasoning.

Explain how you would proceed.

Access the Unit 6 Assignment grading rubric.

Respond in a minimum of 250 words in a double-spaced
Word document using 12-point, Times New Roman font.
Submit your response to the Unit 6 Assignment Dropbox.

Assignment Details

https://kapextmediassl-a.akamaihd.net/business/MT361/1904c/ability_to_pay_mortgage

https://kapextmediassl-a.akamaihd.net/business/MT361/1904c/rubrics/u6_rubric

Determining the Ability to Pay a Mortgage

Housing expense ratio = PITI (monthly mortgage principal, interest, property tax
and hazard insurance in an escrow account) divided by Gross Monthly Income
(GMI).

The housing expense ratio should not exceed 28%.

The Debt-to-Income Ratio should not exceed 36% depending on the lender.
Debt-to-Income Ratio = Your PITI plus monthly debt divided by your GMI.