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You want to purchase an apartment in Chelsea and have agreed to pay $825,000

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Question

8)You want to purchase an apartment in Chelsea and have agreed to pay $825,000 for the unit. Based on the LTV ratio alone, what is the maximum amount that you can borrow to purchase this apartment if the mortgage lender requires a loan-to-value ratio less than or equal to 90%.;9)What is the amount of your down payment?;10)To qualify for this loan, the monthly payment plus the monthly share of insurance and property taxes can be no greater than 30% of your gross monthly income. The mortgage is 30-year fixed-payment mortgage with a 4.25% rate and property taxes, insurance, and common maintenance will cost $15,000 each year. Based on this criterion, what is the minimum annual income that will allow you to qualify for this mortgage?;11) To qualify for the loan, the monthly payment plus the monthly share of insurance and property taxes plus your monthly debts can be no greater than 40% of your gross monthly income. In addition to the monthly mortgage, insurance, and property tax payments, you must pay $600 a month in student loan payments and a minimum payment of $100 a month on your credit card. Based on this criterion, what is the minimum annual income that will allow you to satisfy the terms of this mortgage?;12) What must your annual income be to qualify for this mortgage?;Additional Requirements;Level of Detail: Show all work

 

Paper#22349 | Written in 18-Jul-2015

Price : $37
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