Question: Part 1: Create an original example scenario to test your fellow classmates. Your client wants to buy $500,000 The client has $50,000 to put down

Part 1: Create an original example scenario to test your fellow classmates.

Your client wants to buy $500,000 The client has $50,000 to put down as a down payment, is approximately 32 years old, and is looking for a house with 4 bedrooms, 4.5 baths and close to the school. The client earns $5,200 per month and has no other debts and plans to stay at this location for 30 years. What kind of loan would you advise them to get and why?

Would the mortgage be conforming or nonconforming and why?

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