Qualifying for a Mortgage Ting-Fang and Su-hua Zhengs
Chapter 11, Problem 11.1.244(choose chapter or problem)
Ting-Fang and Su-hua Zheng’s gross monthly income is $4100. They have 18 remaining boat payments of $505. The Zhengs are applying for a 20-year, $275,000 mortgage at 9% interest to buy a new house. The taxes and insurance on the house are $425 per month. Their bank will approve a loan that has a total monthly mortgage payment of principal, interest, property taxes, and homeowners’ insurance that is less than or equal to 28% of their adjusted monthly income.
a) Determine 28% of the Zheng’s adjusted monthly income.
b) Determine the Zheng’s total monthly mortgage payment, including principal, interest, taxes, and insurance.
c) Do the Zhengs qualify for this mortgage?
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