Based on loan underwriting parameters utilizing a 20% conventional down payment, 8% interest rate, 30year...

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Finance

Based on loan underwriting parameters utilizing a 20% conventional down payment, 8% interest rate, 30year amortization. Provide details on monthly/annual mortgage payments. Assume annual insurance premium is $5,000 and real estate taxes are consistent with the property appraised (between $18,000$21,000). Report the annual PITI (principal, interest taxes and insurance) for the property to qualify a purchaser. Using a debt ratio of 28% to qualify a purchaser, how much money do you have to put down (equity) and what is the amount of annual wages necessary to afford this property.

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