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13 October, 17:17

Rollin and Sandra want to buy a home priced at $265,000. They plan to finance this amount less the down payment required. Rollin and Sandra have a combined annual income of $83,600 and have saved $53,000. They have a recurring debt of $582. Use a 20% down payment and the 28/36 ratio to determine if Rollin and Sandra are eligible for a loan. What would you advise them to do if they are not eligible?

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  1. 13 October, 19:54
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    Rollin and Sandra will not be eligible for a loan. Since 20% of $265,000 is $53,000, they have the required down payment. The recurring debt they have exceeds the allowable amount of $557. Rollin and Sandra should work on reducing their recurring debt.
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