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Three real estate finance - residential underwriting questions.

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Three real estate finance - residential underwriting questions. Need not only the answers but show work so I can see how they are done. Hw is due tonight at 7, but would like to get answers by 2 to see how u did them... don't take assignment if you aren't familiar with underwriting or cant meet deadline(though its only 3 questions with not too much calculation);Note: The information presented here applies to questions 5, 6 and 7.;You and your significant other are thinking about buying a one-bedroom apartment in Greenpoint. Your combined income is $150,000 a year and, between your savings and help from family, have enough to make a 20% down payment on any property that you are likely to be able to afford. To qualify for a conventional 30-year fixed-rate mortgage with a 4% rate, the amount you can borrow is limited by two constraints. The first requires that the sum of the scheduled mortgage payment, monthly common fees, and property taxes must be less than 30% of your gross monthly income. If the common fees and property taxes are $750 a month, what is the maximum loan amount that you can obtain based on this constraint?;6) The second constraint requires that the sum of the scheduled mortgage payment, monthly common fees, property taxes, and monthly non-housing debt service must be less than 35% of your gross monthly income. At this time, your monthly student loan payments total $425 and you have a minimum payments on your credit cards totaling $100. Based on this constraint, what is the maximum loan amount that you can obtain?;7) If the loan requires a down payment equal to 20% of the purchase price, what is the most that you can afford to pay for an apartment?;Additional Requirements;Min Pages: 1;Level of Detail: Show all work

 

Paper#22347 | Written in 18-Jul-2015

Price : $37
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