7. Suppose that you are in a family with the U.S. median household income of about $53,000 and you want to buy a median-

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7 Suppose That You Are In A Family With The U S Median Household Income Of About 53 000 And You Want To Buy A Median 1 (29.63 KiB) Viewed 26 times

7. Suppose that you are in a family with the U.S. median household income of about $53,000 and you want to buy a median-priced house for $205,000 with a 30-year fixed-rate, federally insured mortgage at 3.25%. Suppose that you can make a down payment of only $7,000, plus pay closing costs of about $4,000. a. Can you afford such a home? (Mortgage lenders have "affordability" guidelines that suggest that a family cannot afford to spend more 31% of its monthly income on housing.) b. Unfortunately, there is more to the mortgage than just the amount needed to amortize the loan. Your payment will also have to cover real estate property) taxes, mortgage insurance, and homeowner's insurance on the property. Assume the house is in Long Beach. Look up the extra cost using online resources then answer the question "Can you afford such a home?" are abour