Your borrowers have monthly income of $15,000, in the neighborhood that they are looking to purchase the average property tax per year is $4,800 and the average heat cost per year is $2,400. Their monthly debt payments are $500 from a line of credit. If the TDS cannot be more than 40%, how much of a payment can they afford?

Answer rating: 100% (QA)

To determine the maximum monthly payment that the borrowers can afford based ... View the full answer