Mortgage
Applicant
Annual Gross
Income
Mortgage
Payment
Property
Taxes
Other Monthly
Debt Payments
Joe
$ 100,000
$ 2,100
$ 3,000
$ 600
Bill
$ 45,000
$ 1,000
$ 1,400
$ 150
GDS cutoff: 30 percent
TDS cutoff: 35 percent
Using only the TDS criteria, which one of the following statements is true?
Joe gets the loan, but Bill does not.
Bill gets the loan, but Joe does not.
Both get the loan.
Neither gets the loan.