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Lucerne earns a gross income of $5,215 per month and applies for a mortgage with a monthly PITI of $1,147. Lucerne has other financial obligations totaling $834 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would Lucerne qualify for? Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA FHA only Conventional Conventional only FHA and Conventional None of the above x 29% 28% 41% 36%

Lucerne earns a gross income of $5,215 per month and applies for a mortgage with a monthly PITI of $1,147. Lucerne has other financial obligations totaling $834 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would Lucerne qualify for? Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA FHA only Conventional Conventional only FHA and Conventional None of the above x 29% 28% 41% 36%

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Lucerne earns a gross income of $5,215 per month and applies for a mortgage with a monthly PITI of $1,147. Lucerne has other financial obligations totaling $834 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would Lucerne qualify for? Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA FHA only Conventional Conventional only FHA and Conventional None of the above x 29% 28% 41% 36%
Transcribed Image Text:Lucerne earns a gross income of $5,215 per month and applies for a mortgage with a monthly PITI of $1,147. Lucerne has other financial obligations totaling $834 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would Lucerne qualify for? Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA FHA only Conventional Conventional only FHA and Conventional None of the above x 29% 28% 41% 36%
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