Stated income program, This is a purchase transaction for

Stated income program

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Reference no: EM131078124

This is a purchase transaction for $319,000 on a “stated income” program at 7.25% interest 30/30, 1.5pts + CC on a SFR in Lake Forest, CA. The down payment will be $80,000. Long term debts arecredit card debtwith Citibank of $6,897, PNC Bank of $10,453. You are to work up:

A. LTV and PITI

B. Front & Back end ratios.

C. What amount of income will be needed to qualify for this loan?

D. How much money will the borrower need to close this transaction?

Reference no: EM131078124

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