Use the table to solve.Factors for loan qualification:ConventionalVAFHA
3. Credit score should be 650 or higher.The Alstrom family is trying to qualify for a conventional loan. Their gross monthly income is $3828. If they get the loan, their mortgage payment will be approximately $993. Their total monthly debt will be $1204. They have a credit score of 725. Do they qualify?
A. f.e.r. = 0.46, b.e.r. = 0.41; No
B. f.e.r. = 0.26, b.e.r. = 0.31; Yes
C. f.e.r. = 0.46, b.e.r. = 0.41; Yes
D. f.e.r. =0.05, b.e.r. = 0.10; No
Answer: B
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