Mary wants an FHA loan to buy a house. She would have these monthly expenses:

$536.82Principal and Interest ($100,000 at 5% for 360 months)

$ 53.00Property Taxes

$ 25.00Homeowners Insurance

$ 95.83MIP (FHA Mortgage Insurance Premium based on 96% LTV)

+$ 90.00Homeowners Association Dues

$800.65Total Housing Expense (PITI)

1. What should Mary's required stable monthly gross income be to qualify for this loan?

Answer rating: 100% (QA)

To qualify for an FHA loan lenders typically use the following guidelines for the ratios of the borr... View the full answer