Ask Question
26 September, 03:05

Rimi currently earns $3300 per month. She has the following monthly debt payment expenses: $85 for credit cards, $110 for student loans, and a $220 car payment. She is looking to buy a house. The monthly mortgage, including principal, insurance, taxes, and insurance is $1188. Does Rimi pass the FHA total fixed payments to income ratio requirement

+1
Answers (1)
  1. 26 September, 03:12
    0
    No, because her ratio is greater than 31%

    Explanation:

    Debt to Total Income ratio = (85+110+220+1188) / 3300 = 48.58%

    Allowed since ratio is less than 49%

    Housing related debt to Income ratio = 1188/3300 = 36%

    going by the above calculation, Rimi does not pass the FHA (Federal Housing Administration) total fixed payments to income ratio requirement since it is more that 31%
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Rimi currently earns $3300 per month. She has the following monthly debt payment expenses: $85 for credit cards, $110 for student loans, ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers