Carlos earns a gross income of $5,680 per month and applies for a mortgage with a monthly PITI of $1, XXXXXXXXXXCarlos has other financial obligations totaling $675.92 per month. If the lending ratio...

Carlos earns a gross income of $5,680 per month and applies for a mortgage with a monthly PITI of $1,476.80. Carlos has other financial obligations totaling $675.92 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?

1. Carlos qualifies for an FHA mortgage under the lending guidelines, but not a conventional mortgage

2. Carlos qualifies for
a conventional mortgage under the lending guidelines, but not an FHA mortgage.

3. Carlos qualifies for both an FHA mortgage and a conventional mortgage under the lending guidelines.

4. Carlos qualifies for neither an FHA mortgage and a conventional mortgage under the lending guidelines.

Jun 08, 2022

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