Do you qualify to purchase the house

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You have found your dream home! The purchase price is $210,000 and you have saved enough to cover your closing costs as well as a 20 percent down payment. The Virginia Credit Union is willing to lend you 80 percent of the purchase price with an interest rate of 4.75 percent amortized over a 30 year period with monthly payments, provided that your totaling housing cost does not exceed 28 percent of your income and your total debt does not exceed 36 percent of your income. Real estate taxes are 1 percent of the purchase price, insurance is $900 per year and homeowners' association dues are $200 per month. Your annual earned income is $48,000 and you have income from other sources (investments, stocks, bonds, CDs, etc.) of $2,500 per year. Your other debt (student loans, car payment, credit cards, etc.) obligate you to pay $800 per month. Do you qualify to purchase the house? Prove your answer (show your work).

Reference no: EM13716689

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Do you qualify to purchase the house : Your annual earned income is $48,000 and you have income from other sources (investments, stocks, bonds, CDs, etc.) of $2,500 per year. Your other debt (student loans, car payment, credit cards, etc.) obligate you to pay $800 per month. Do you ..

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