A mortgage applicant makes $$6,000$ gross income per month. The bank estimated the conventional loan requires monthly payment of $$1160,$ plus $$400$ per month escrow toward property tax and insurance. The borrower currently has no other debt except a car loan payment of $$510\mathrm{.}00$ per month and he lives in Florida where there is no state and local income tax. Assuming his credit record and other aspects are all satisfactory, which of the following is likely the underwriting conclusion based these numbers?

He does not qualify the loan based on both ratios.

He qualifies for the foan only if he can afford more than $5\%$ of down payment.

He qualifies for the loan regardless the percent of down payment.

He can only qualify the foan if he prys off the car loan.