According to the Affordability Guidelines, if a family has an annual income of $62,000, what is the maximum mortgage amount the family could afford?

please help i am so stuck, i re read the guidelines a lot and i am super stuck, i need help this is serious

guideline 1 says: the amount of the mortgage loan should not exceed three times the borrower's annual gross income
guideline 2 states: if a family has other significant family debt obligations such as car payments credit cards or student loans the family's monthly housing expenses including mortgage payment property taxes and private

Question

According to the Affordability Guidelines, if a family has an annual income of $62,000, what is the maximum mortgage amount the family could afford?

please help i am so stuck, i re read the guidelines a lot and i am super stuck, i need help this is serious

guideline 1 says: the amount of the mortgage loan should not exceed three times the borrower's annual gross income
guideline 2 states: if a family has other significant family debt obligations such as car payments credit cards or student loans the family's monthly housing expenses including mortgage payment property taxes and private

pphalke · Answer

guideline 1 says: the amount of the mortgage loan should not exceed three times the borrower's annual gross income
guideline 2 states: if a family has other significant family debt obligations such as car payments credit cards or student loans the family's monthly housing expenses including mortgage payment property taxes and private mortgage insurance should be limited to no more than 25% of their monthly gross income (income prior to deductions)