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Mariarne carns a gross income of per month and applies for a mortgage with a monthly PITI of . Mia has other financial obligations totaling
per month. (Use the ratio guidelines on page 468 .) What type of mortgage, if any, would Mirianne qualify for?
Select one:
a. FHA only

Ask by Edwards Frazier. in the United States
Mar 21,2025

Solución de inteligencia artificial de Upstudy

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Responder

Marianne qualifies for an FHA mortgage.

Solución

To determine the type of mortgage that Mirianne would qualify for, we need to calculate her debt-to-income (DTI) ratio. The DTI ratio is calculated by dividing the total monthly debt payments by the gross income.
Given:
  • Gross income: $5,500 per month
  • Monthly PITI (Principal, Interest, Taxes, and Insurance): $1,244
  • Other financial obligations: $829 per month
First, let’s calculate the total monthly debt payments:
Total monthly debt payments = Monthly PITI + Other financial obligations
Total monthly debt payments = $1,244 + $829
Total monthly debt payments = $2,073
Next, we calculate the DTI ratio:
DTI ratio = Total monthly debt payments / Gross income
DTI ratio = $2,073 / $5,500
Now, we can determine the type of mortgage that Mirianne would qualify for based on the DTI ratio. If the DTI ratio is less than or equal to 31%, she would qualify for a conventional mortgage. If the DTI ratio is greater than 31% but less than or equal to 43%, she would qualify for an FHA mortgage. If the DTI ratio is greater than 43%, she would not qualify for any mortgage.
Let’s calculate the DTI ratio and determine the type of mortgage that Mirianne would qualify for.
Calculate the value by following steps:
  • step0: Calculate:

    The DTI ratio is approximately 0.3769.
Based on the DTI ratio, Mirianne would qualify for an FHA mortgage since her DTI ratio is less than 43%.

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The Deep Dive

To determine what type of mortgage Mariarne qualifies for, we need to assess her debt-to-income ratios. First, let’s calculate her total monthly debt payments: her PITI (Principal, Interest, Taxes, Insurance) is and her other obligations total , bringing her total debt to . When we divide that by her gross income of , her debt-to-income ratio is approximately .
FHA loans typically allow for a maximum debt-to-income ratio of up to , making her eligible for FHA financing. Therefore, the answer is indeed “a. FHA only,” as conventional loans usually require stricter ratios.
Understanding these guidelines is key to unlocking mortgage options for many aspiring homeowners.

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