Carlos earns a gross income of $5,690 per month and applies for a mortgage with a monthly PITI of $1,365.60. Carlos has other financial obligations totaling $779.53 per month. If the lending ratio guidelines are as given in the table below. Lending Ratio Guidelines Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% What type of mortgage, if any, would Carlos qualify for? Carlos qualifies for an FHA mortgage under the lending guidelines, but not a conventional mortgage. Carlos qualifies for a conventional mortgage under the lending guidelines, but not an FHA mortgage. Carlos qualifies for both an FHA mortgage and a conventional mortgage under the lending guidelines. Carlos qualifies for neither an FHA mortgage and a conventional mortgage under the lending guidelines.
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Lending Ratio Guidelines
| Mortgage Type | Housing Expense Ratio | Total Obligations Ratio |
|---|---|---|
| FHA | 29% | 41% |
| Conventional | 28% | 36% |
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