Ask Question
BusinessBusiness
25 September, 00:22

When qualifying a buyer using the Fannie Mae guidelines, what is the ratio allowed for the amount of money for housing expense compared to GMI

+5
Answers (1)
  1. 25 September, 04:12
    0
    28%

    Explanation:

    Most mortgage lenders, including Fannie Mae, use the 28/36 rule. That rule states that a family should spend no more than 28% of the gross monthly income (GMI) on housing expenses, and pay no more than 36% of GMI to cover debts (mortgage payments are included in this 36%).

    Statistics show that households that do not comply with the 28/36 rule, tend to have difficulty paying back loans.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “When qualifying a buyer using the Fannie Mae guidelines, what is the ratio allowed for the amount of money for housing expense compared to ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
When the implied value exceeds the aggregate fair values of identifiable net assets, the residual difference is accounted for as:a. excess of implied over fair value. b. a deferred credit. c. difference between implied and fair value. d. goodwill.
Answers (1)
The valuation you have of yourself is known as
Answers (2)
The regular selling price per chaise lounge is $340. The company is analyzing the opportunity to accept a special sales order for 300 chaise lounges at a price of $220 per unit. Fixed costs would increase by $22,000.
Answers (1)
A credit union member owns a part of the credit union. True or False
Answers (2)
Hubbard Industries just paid a common dividend, D0, of $2.00. It expects to grow at a constant rate of 3% per year. If investors require a 8% return on equity, what is the current price of Hubbard's common stock
Answers (1)
New Questions in Business
What happens to prices and wages during an expansion?
Answers (1)
Suppose that the equilibrium price of greeting cards declined at the same time the equilibrium quantity of greeting cards increased. Which one of the following would most likely be responsible? a.
Answers (1)
You plan to borrow $ 2 comma 000 from a bank. In exchange for $ 2 comma 000 today, you promise to pay $ 2 comma 100 in one year. What does the cash flow timeline look like from your perspective? What does it look like from the bank's perspective?
Answers (1)
Which of the following is indicative of a short-term restrictive financial policy? a) purchasing inventory only as needed b) granting credit to more customers c) increased investment in marketable securities d) maintaining a large accounts
Answers (2)
You are employed as an administrative staff member of a community healthcare office that just opened last month. you and your manager are working hard to advertise and expand the customer base.
Answers (1)
Home » Business » When qualifying a buyer using the Fannie Mae guidelines, what is the ratio allowed for the amount of money for housing expense compared to GMI
Sign Up Forgot Password?