What is the maximum monthly mortgage payment allowed

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1. Coretta Bradley got a $75,000 mortgage loan for 15 years at 4.85%. The property taxes on the property are $2,060 annually and the insurance premium is $945. What is the amount of the monthly payment, including the amount put in escrow?

2. Jason Bradley’s brother is getting qualified for a VA mortgage loan. His monthly salary is $5,214. Annual property taxes on the property are $2,491 and insurance is $763. He has a car payment of $437.50 and a student loan of $325 to pay each month. The VA has a qualifying ratio of 41%. What is the maximum monthly mortgage payment allowed?

Reference no: EM132048088

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