--- In AsburyPark@yahoogroups.com, "Jennifer" <[EMAIL PROTECTED]>
wrote:
>
> > gross monthly income
> X 40%
> less monthly debt
> equals qualified PITI
>
> To calculate the maximum mortgage amount you divide the final
number
> by .00X. X=interest rate.
>
> So a gross monthly income of $1000
> with monthly consumer debts of $100
> Interest rate of 5%
>
> 1000
> x .40
> ________
> 400
> -100
> _________
> 300
>
> 300/.005 + $60,000
>
> My borrower qualifies for a loan amount of $60,000.
>
That's the scary part.
THE FORMULA IS BROKEN.
"Qualifies" is a coin-toss away from BK or bailout.
HOw do then stop the Credit Card companies and the person then
walking over and getting a car...flat screen tv and food...gas, kids,
clothes...
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