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Rimi currently earns $3300 per month. She has the following monthly debt payment expenses: $85 for credit cards, $110 for student loans, and a $220 car payment. She is looking to buy a house. The monthly mortgage, including principal, insurance, taxes, and insurance is $1188. Does Rimi pass the FHA total fixed payments to income ratio requirement

Respuesta :

temmydbrain

Answer:

No, because her ratio is greater than 31%

Explanation:

Debt to Total Income ratio = (85+110+220+1188)/3300 = 48.58%

Allowed since ratio is less than 49%

Housing related debt to Income ratio = 1188/3300 = 36%

going by the above calculation, Rimi does not pass the FHA (Federal Housing Administration) total fixed payments to income ratio requirement since it is more that 31%

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