The Delgados have a gross monthly income of $6200. Monthly payments on personal loans total $520....

 

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The Delgados have a gross monthly income of $6200. Monthly payments on personal loans total $520. Their bank limits the gross debt service ratio at 33% and the total debt service ratio at 40%. a. What is the maximum 25-year mortgage loan for which they can qualify on the basis of their income? Assume monthly heating costs of $220 and property taxes of $240 per month. Current mortgage rates are 7.0% compounded semiannually. (Do not round intermediate calculations and round your final answer to the nearest $100.) Maximum mortgage b. What minimum down payment must they have to qualify for the maximum conventional mortgage (80% loan-to-value ratio) on a new home? (Do not round intermediate calculations and round your final answer to the nearest $100.) Minimum down payment 2$ %24 The Delgados have a gross monthly income of $6200. Monthly payments on personal loans total $520. Their bank limits the gross debt service ratio at 33% and the total debt service ratio at 40%. a. What is the maximum 25-year mortgage loan for which they can qualify on the basis of their income? Assume monthly heating costs of $220 and property taxes of $240 per month. Current mortgage rates are 7.0% compounded semiannually. (Do not round intermediate calculations and round your final answer to the nearest $100.) Maximum mortgage b. What minimum down payment must they have to qualify for the maximum conventional mortgage (80% loan-to-value ratio) on a new home? (Do not round intermediate calculations and round your final answer to the nearest $100.) Minimum down payment 2$ %24