Bobby is hoping to purchase a home. Using the FHA housing payments-to-income ratio, determine if Bobby can qualify to purchase the home. His monthly expenses will include: mortgage payment of $1,375, taxes of $205 and insurance of $100. Bobby's monthly gross income is $4,200 per month. Can Bobby afford the home?

Answer rating: 100% (QA)

To determine if Bobby can afford the home using the FHA housing paymentstoi... View the full answer