Finance
A Colorado buyer obtains an FHA loan to purchase a $350,000 home. The FHA minimum down payment is 3.5%. What is the minimum down payment required?
A$8,750
B$10,500
C$12,250✓ Correct
D$17,500
Explanation
FHA minimum down payment = $350,000 × 3.5% = $12,250. FHA loans are popular because of the low down payment requirement, though mortgage insurance premiums (MIP) are required.
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