Use the table to solve.Factors for loan qualification:ConventionalVAFHA
3. Credit score should be 650 or higher.The Ritcheson family is trying to qualify for a VA loan. Their gross monthly income is $2958. If they get the loan, their mortgage payment will be approximately $762. They have a credit score of 655. They also have the following monthly debt payments:Credit card 1 = $192Credit card 2 = $135Car loan 1 = $493Car loan 2 = $463Do they qualify?
A. f.e.r. = 0.31, b.e.r. = 0.48; No
B. f.e.r. = 1.06, b.e.r. = 1.23; Yes
C. f.e.r. = 0.21, b.e.r. = 0.38; Yes
D. f.e.r. = 0.26, b.e.r. = 0.43; No
Answer: D
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