Gross Debt Service Ratio Refers to a Calculation of All

question 67

True/False

Gross debt service ratio refers to a calculation of all mortgage-related financing and must not exceed 32 percent of total household income.

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Definitions:

Non Est Factum

Non est factum is a legal defense meaning "it is not my deed," used when a person signs a document mistakenly or without understanding its nature, effectively nullifying the contract.

Functionally Illiterate

Describes individuals who, despite having basic reading and writing skills, are unable to perform tasks requiring literacy in everyday life contexts successfully.

Deed Transferring

A legal document that conveys ownership of real property from one party to another.

Non Est Factum

A defense in contract law allowing a signing party to void the contract due to a fundamental misunderstanding of its nature.