Question: *please explain why* *please explain ratios used* After reviewing matt and Jennifers personal statement of cash flows, the following information was determined: Mortgage principal $5,467

*please explain why* *please explain ratios used*

After reviewing matt and Jennifers personal statement of cash flows, the following information was determined: Mortgage principal $5,467

Mortgage interest $21,500
Property tax $2,000
Homeowners insurance premium $1,800
Mortgage principal $5,467

The couple has monthly gross income of $9,500. According to benchmarks set by mortgage lenders, has this couple taken on debt in excess of what is reasonable for their income?

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