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12 March, 04:27

A buyer is considering a house with a piti of $2,900/month, what must his/her annual income be to qualify if the lender uses a housing expense ratio of 29%? $10,000 $100,000 $120,000 there is insufficient information to answer the question

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  1. 12 March, 04:57
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    So you would need to set up a formula for this. 2,900 =.29 (x)

    Basically, 2,900 is 29% of what number.

    To isolate x, divide both sides by. 29 = 10,000

    So the buyer would need to make 10,000 per month to qualify for the 29% rule. So their annual income would need to be 120,000
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