Carlos earns a gross income of $5,580 per month and applies for a mortgage with...
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Carlos earns a gross income of $5,580 per month and applies for a mortgage with a monthly PITI of $1,227.60. Carlos has other financial obligations totaling $887.22 per month. If the lending ratio guidelines are as given in the table below. Lending Ratio Guidelines Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% What type of mortgage, if any, would Carlos qualify for?
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