You have been tasked with

You have been tasked with

You have been tasked with pre-qualifying the following 3 applicants for a mortgage. You must determine if they can pre-qualify for each of the loan catergories (FHA, VA, and Conforming). For the VA Loan ? assume the customer is a veteran. Based on your analysis, would the applicant(s) pre-qualify? What requirements would you need to approve the applicant(s)?APPLYING FOR:                  $50,000 loan, 9%, 30 years?$402.32 monthlyINCOME:                               $2,500 gross monthly, Federal WT?$486, State WT?$93, SS?$178.75HOUSING COST:                 (Monthly Charges) Property Tax?$70,Insurance?$30, Maintenance?$30Utilities?$115, Homeowners Assessment?$20Mortgage Insurance?$12.50 (conforming loan only)OBLIGATIONS:                   First National Bank, owes $2,520?$120 monthlyVisa, owes $560?$40 monthlySears, owes $490?$25 monthlyAPPLYING FOR:   $80,000 loan, 9%, 30 years?$643.70 monthlyINCOME:   Borrower: $1,500 gross monthly, Federal WT?$184, State WT?$45, SS Tax?$107Co-Borrower $2,000 gross monthly, Federal WT?$234, State WT?$60, SS tax?$143HOUSING COST:   (Monthly Charges) Property Tax?$100Insurance?$50, Maintenance?$45,Utilities?$ 160, Homeowners Assessment?$30Mortgage Insurance?$20 (conforming loan only)OBLIGATIONS:   Health Insurance?$45 monthlyChild Care?$95 monthlyGMAC; owes $3,230?$170 monthlyMastercard, owes $620?$45 monthlyCitibank Visa, owes $510?$35 monthlyCase 3?Adams. couple and 4 childrenAPPLYING FOR:   $90,000 loan, 9%, 30 years?$724.17 monthlyINCOME:   Borrower: $2,400 gross monthly, Federal WT?$258, State WT?$70, SS tax?$172Spouse: $1,600 gross monthly, Federal WT?$205, State WT?$50, SS tax?$114HOUSING COST:   (Monthly Charges) Property Tax?$ 119 insurance?$41, maintenance?$60 utilities?$ 160,    Homeowners Assessment?$20 Mortgage Insurance?$25 (conforming loan only)OBLIGATIONS:   Child Care?$175 monthlyUnion Dues?$25 monthlyCommerce Bank, owes $4,290?$195 monthlyLomax Furniture, owes $2,550?$170 monthlyJ. C. Penny (revolving), owes $764?$65 monthlyVisa (revolving), owes $485?$55 monthlySears (revolving) owes $970?$70 monthly

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