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Question 1 of 4
1. Question
Which of the following is typically included in a total monthly mortgage payment?
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Question 2 of 4
2. Question
A borrower has a monthly principal and interest payment of $1,200, monthly property taxes of $250, and monthly homeowners insurance of $100. What is the borrower’s monthly PITI payment?
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Question 3 of 4
3. Question
A borrower has the following monthly housing expenses:
- Principal & Interest: $1,400
- Property Taxes: $300
- Homeowners Insurance: $125
- HOA Fee: $75
What monthly payment amount should be used for qualifying purposes?
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Question 4 of 4
4. Question
If a property requires a mandatory homeowners association (HOA) fee, how is it treated when qualifying a borrower?
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