Question: Please ANSWER ALL THREE QUESTIONS and only answer no need for explanation, thanks 1 - A prospective borrower is considering applying for an FHA-insured mortgage
Please ANSWER ALL THREE QUESTIONS and only answer no need for explanation, thanks
1 - A prospective borrower is considering applying for an FHA-insured mortgage loan. The borrower has an estimated monthly housing expense of $1,486. His total monthly obligations are $2,050. If the borrower's gross income is $98,400, what is his monthly housing expense ratio? (Round the answer to the nearest whole percentage point?
A) 18%
B) 25%
C) 15%
D) 30%
2 - A developer purchased two 180-front foot lots for $33,500 net each and divided them into three 120-foot lots. The developer sold the lots for $250 per front foot. Calculate the developer's percentage of profit (round answer to nearest whole percent?
A) 10%
B) 34%
C) 15%
D) 20%
3 - Calculate all applicable documentary stamp taxes and intangible taxes associated with financing the transaction for a property located in Minella's County.
Purchase price: $67,550
Earnest money: $4,000
Recorded first mortgage (assumed): $27,800
Second mortgage (new): $14,700
Cash at closing: $21,050
A) $326.90
B) $178.15
C) $233.75
D) $ 80.85
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