Question: 1 How much would the Meyers have to put down

1. How much would the Meyers have to put down if the lender required a minimum 20 percent down payment? Could they afford it?
2. Given that the Meyers want to put only $25,000 down, how much would their closing costs be? Considering only principal and interest, how much would their monthly mortgage payments be? Would they qualify for a loan using a 28 percent affordability ratio?
3. Using a $25,000 down payment on a $215,000 home, what would the Meyers’ loan-to-value ratio be? Calculate the monthly mortgage payments on a PITI basis.
4. What recommendations would you make to the Meyers? Explain.

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  • CreatedFebruary 13, 2015
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