Tammy Walters wants to know what price home she ca...

Tammy Walters wants to know what price home she can afford. Her annual gross income is $40,000. She owes $750 per month on other debts and expects her property taxes and homeowners insurance to cost $250 per month. She knows she can get a 6.0%, 30-year mortgage, so her mortgage payment factor is 6.00. She expects to make a 20% down payment. What is Michelle’s affordable home purchase price? Assume a lender will use a 38% monthly gross income guideline. Round your answer to the nearest $100.


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