Answered

Get the answers you need at Westonci.ca, where our expert community is always ready to help with accurate information. Discover a wealth of knowledge from professionals across various disciplines on our user-friendly Q&A platform. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.

To obtain an FHA-insured loan, the buyers will have to pay a MIP of 1.75 points, which will be financed into the loan. What will be the amount of their loan if FHA insures 96.5% of the appraised value and this property appraises for $210,000 (the maximum loan the FHA will insure in their area is $271,000)?

Sagot :

abiolataiwo2015

Answer:

$206,196.38

Explanation:

Calculation to determine what will be the amount of their loan

Loan Amount=($210,000 × 0.965)+[($210,000 × 0.965)×0.0175]

Loan Amount=$202,650+ ($202,650 × 0.0175)

Loan Amount=$202,650 + $3,546.38

Loan Amount= $206,196.38

Therefore What will be the amount of their loan is $206,196.38

Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.