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the qualified monthly housing cost a lender will allow a loan applicant, based on the applicant's income and the lender's income ratio, is not likely to include the cost of

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Homeowner's insurance (PITI) .

PITI is an acronym that stands for principal, interest, taxes and insurance.

What is PITI?

  • In most mortgages, PITI is the sum of the monthly principal, interest, taxes, and insurance, which add up to the monthly mortgage payment.

Housing payment each month (PITI)

  • The lower of these two calculations is used to calculate the maximum monthly payment (PITI): Monthly PITI = monthly income X 28%. Monthly PITI = monthly income x 36% minus other loan payments.
  • This is the maximum monthly principal and interest payment you can make. It is computed by deducting your monthly taxes and insurance from your PITI payment.
  • This calculator determines the mortgage amount you could qualify for based on your maximum PI payment.

To learn more about PITI refer to :

https://brainly.com/question/1395659

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