You are the realtor for a 30-year old married couple with two children, ages 6 and 5, seeking to purchase their first home. Both spouses are college educated professionals with joint income of$140,000 per year(only income sources). Neither spouse is a military veteran. One spouse works in Boulder; the other spouse works in the Denver Tech Center. A change of employment is not under consideration. Their FICO scores are 720 and 760. One of their parents is gifting them $30,000 that will be used as part of a down payment. Testing indicates both children have the potential for Gifted and Talented education status. The familycurrently rents a two-bedroom apartment in the Sunnysidearea of Denver. Their needs, listed in priority, are: first, an area with highly ratedpublic schools; second, at least three bedrooms, preferably more; third, a yard of their own; fourth, a location that minimizes/balanceswork drive time for both spouses;fifth, an area with lively shopping and restaurants, and sixth, a two-car garage. CLIENT FINANCIAL DETAILS
ASSETS LIABILITIES TOTAL MONTHLY
Cash (bank account) $13,119.28 Student loansa $55,000.00 $849.29
401-K1 $15,000.00 Credit cardsb $22,500.00 $675.00
401-K2 $22,000.00 Auto loan: CR-Vc $13,619.28 $414.32
Personal assets $15,000.00 Total $91,119.28 $1,938.61
Auto: 2013 Nissan Rogue $7,000.00
Auto: 2016 Honda CR-V $19,000.00
Total $91,119.28