Your cousin and her partner have a combined gross income of $10,200 and monthly expenses totaling $3,255.

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Your cousin and her partner have a combined gross income of $10,200 and monthly expenses totaling $3,255. They plan to buy a house with a mortgage whose monthly PITI will be $2,100.

(a) What are your cousin and her partner's combined housing expense ratio?

(b) What is their total obligations ratio?

(d) If they do not qualify for an FHA mortgage, by how much should they reduce their monthly expenses in order to be eligible?

Related Book For answer-question

Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

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Posted Date: Mar 31, 2022 10:03 AM

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Your cousin and her partner have a combined gross income of $10,200 and monthly expenses totaling $3,255.

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Expert Answer:

a expense ratio property expenses gross income 2100 10200 0206 b Total obligation rat... View the full answer

Accounting concepts and applications

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