Real Estate proposal, pre qualify yourself for a house

The project is simple, but I hope also practical and useful. Simply pre-qualify yourself for a house. You can use zillow or other online resources to find house/condo/townhouses for sale in an area that you might move to after graduation. After selecting a house in the area you prefer….see if you qualify to purchase based on the following: The house expense ratio should not exceed 35% and the total debt ratio should not exceed 43% of gross income. (see qualifying the borrower power points for examples *note, ratios e.g. 35% and 43% are different)
Assume a 10% down payment.
Base income and expense items on reasonable job and expense assumptions after graduation. See, for example, information on “qualifying the borrower” power point presentation.
Write a one-page typed analysis in a Microsoft Word document. This paper must include:
Housing expenses
Total debt expenses
Expected house price
Down payment
Loan amount (and loan assumptions, n, int rate, etc.).
Save your Microsoft Word document as “YourName-RE.”
To submit this assignment, you will:
Upload your assignment by selecting the “RE Project” title link above and then selecting the “Submit” button.
Proceed to the “RE Project: Submit Your Pin to the Class Map” title link below.
Access your classmates’ house listings by selecting their pins on the interactive map below.