Customer Service Chat
Get quote & make Payment
Real Estate - Mortgage Prequalification, Finance Basics
Bob and Jackie came to your bank seeking an FHA mortgage. They
want to know how large a mortgage they would be qualified for and
what the terms would be. Bob is a pastry chef ($45,000/yr. gross)
and Jackie is a software programmer ($60,000/yr. gross). They
currently pay $300/mo. on student loans // have a $225/mo. car
payment with 5 years remaining // Pay $250/mo. on credit card debt
// and $180.mo. for utilities
Their credit rating is 640 and they have $8,000 in savings.
Bank requirements for FHA loans:
? Mortgage/Total debt ratio use 29/50 for this project - (Duane 26/36)
? 1 ¾% loan origination fee
? 1 ¼% mortgage insurance
? 4% interest rate
? 30 year amortized loan
1. How large a loan can they qualify for?
2. For that size FHA loan, what will their down payment be?
3. What will their origination fee be?
4. What will their monthly payments be?
5. What documents will you need from Bob and Jackie?
6. What ACTS govern the disclosures that will you need to make to Bob and
7. What documents will you need to obtain regarding the property?
Posted Date: 12/5/2012 1:14:08 PM | Location :
Ask an Expert
Real Estate - Mortgage Prequalification, Assignment Help, Ask Question on Real Estate - Mortgage Prequalification, Get Answer, Expert's Help, Real Estate - Mortgage Prequalification Discussions
Write discussion on Real Estate - Mortgage Prequalification
Your posts are moderated
Write your message here..
The income statement and the balance sheet, Conduct research and explain th...
Conduct research and explain the companies, their operations, locations, markets, and lines of business. Collect financial statements for the past three years, fiscal or calendar .
Net advantage to leasing, 1. Biily Mays , Inc, (BMC) is interested in acqui...
1. Biily Mays , Inc, (BMC) is interested in acquiring a 1 million pre to print and circulate its meages. The press has 8 years useful life at the end of which its expected to be 90
Preference shares, what makes a preference shares a hybrid?
what makes a preference shares a hybrid?
Define the term contractual savings depository institutions, Define the ter...
Define the term contractual savings depository institutions. Contractual savings institutions: Contractual savings institutions obtain funds at periodic intervals onto a
Government budget deficit, Government Budget Deficit If the Government...
Government Budget Deficit If the Government spends much more than it gets in from tax revenue, it runs a budget deficit. This deficit should be covered or financed either via
Conditions under which Loans Are Ideal, Conditions under which Loans Are Id...
Conditions under which Loans Are Ideal a) Whenever the company's gearing level is low as the level of outstanding loans is low. b) The company's future cash flows as inflows
Objectives or goals of business, Objectives or Goals of Business 1. P...
Objectives or Goals of Business 1. Profit maximization - This is a traditional and a cardinal objective of a business. This is so for the following purpose: To
Calculate the weighted average cost of capital, Company XYZ stock is consid...
Company XYZ stock is considering the two new projects, Project A and Project B. The two projects have similar risk characteristics as the existing business. The managers forecast t
Marginal Cost of Finance, Marginal cost of finance This is cost of new...
Marginal cost of finance This is cost of new finances or additional cost a company has to pay to raise and use additional finance is given by: (Total cost of marginal finan
Explain importance terms of banking-federal reserve system, Explain importa...
Explain importance terms of Money, Banking, and the Federal Reserve System. Importance terms of Money, Banking, and the Federal Reserve System: a. The several roles money pl
Accounting Assignment Help
Economics Assignment Help
Finance Assignment Help
Statistics Assignment Help
Physics Assignment Help
Chemistry Assignment Help
Math Assignment Help
Biology Assignment Help
English Assignment Help
Management Assignment Help
Engineering Assignment Help
Programming Assignment Help
Computer Science Assignment Help
Why Us ?
~24x7 hrs Support
~Quality of Work
~Time on Delivery
~Privacy of Work
Human Resource Management
Literature Review Writing Help
Terms & Conditions
Copyright by ExpertsMind IT Educational Pvt. Ltd.