Questions: According to the Housing Recommendations presented in this class, if a family has a gross annual income of 221,000, what is the maximum amount of a mortgage loan the family could afford?

According to the Housing Recommendations presented in this class, if a family has a gross annual income of 221,000, what is the maximum amount of a mortgage loan the family could afford?
Transcript text: According to the Housing Recommendations presented in this class, if a family has a gross annual income of $221,000, what is the maximum amount of a mortgage loan the family could afford?
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Solution

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Solution Steps

Step 1: Identify the Housing Recommendation

According to common housing recommendations, a family can afford a mortgage loan that is up to 2.5 to 3 times their gross annual income.

Step 2: Calculate the Maximum Mortgage Loan

Using the upper limit of the recommendation (3 times the gross annual income): \[ 221,000 \times 3 = 663,000 \]

Final Answer

663,000

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