Phil Armstrong earns a gross income of $5,355 per month. He has submitted an application
Chapter 0, Problem 21(choose chapter or problem)
Phil Armstrong earns a gross income of $5,355 per month. He has submitted an application fora fixed-rate mortgage with a monthly PITI of $1,492. Phil has other financial obligations totaling $625 per month. a. What is his housing expense ratio?b. What is his total obligations ratio?c. According to the Lending Ratio Guidelines on page 473, for what type of mortgage would Phil qualify, if any?
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