Jean is contemplating buying a home and would like to know how much mortgage she can afford. She is currently earning income of $75,000 per year and was told that based on the house she was interested in, the monthly mortgage payment including taxes and insurance is approximately $1,850. jean has no other debts? How much annual income is required to qualify for this mortgage based on housing ratio of 28%?

Answer rating: 100% (QA)

To determine how much annual income Jean needs to qualify for a mortgage with a monthly payment of 1850 we need to calculate her debttoincome DTI ratio The DTI ratio is calculated by dividing the tota... View the full answer