Question 78662: Factors for Loan qualification:
1.Front-end ratio should not exceed Conventional VA FHA
0.28 N/A 0.29
2.Back-end ratio should not exceed 0.36 0.41 0.41
3.Credit Score should be 650 or higher.
Suppose a family has a gross monthly income of $2229. What is the maximum monthly debt payment that would meet the back-end ratio qualification for a conventional loan?
A)$646.41
B)$913.89
C)$802.44
D)$624.12 Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! max month debt payment = (back-end ratio)*(gross monthly income)
mmdp = 0.36*2229= $802.44
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Cheers,
Stan H.
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