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Jim has an annual income of $180,000. Jim is looking to buy a house with monthly...

Jim has an annual income of $180,000.

Jim is looking to buy a house with monthly property taxes of $140 and monthly homeowner’s insurance of $70.

Jim has $178 in monthly student loan payments.

Apple bank has a maximum front end DTI limit of 28% and a maximum back end DTI limit of 36%. Both limits must be satisfied.

Apple bank is offering a fully amortizing 30 year FRM at an annual rate of 4.5%, with monthly payments, compounded monthly.

Apple Bank allows a maximum LTV of 80%.

How much is the most expensive house Jim can buy?

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