Finance
A Florida buyer obtains an FHA-insured mortgage with a 3.5% down payment on a $200,000 home. The Upfront Mortgage Insurance Premium (UFMIP) currently is 1.75% of the base loan amount. What is the UFMIP?
A$3,500
B$3,395✓ Correct
C$3,430
D$3,325
Explanation
Base loan amount = $200,000 × (1 − 0.035) = $200,000 × 0.
Related Florida Finance Questions
- A Florida homeowner has a $200,000 first mortgage and the property is worth $300,000. The homeowner wants to access equity through a 'home equity line of credit' (HELOC). The maximum HELOC they can typically obtain (assuming 80% CLTV limit) is:
- The 'Equal Credit Opportunity Act' (ECOA) prohibits lenders from discriminating against mortgage applicants based on:
- The 'secondary mortgage market' in Florida serves what primary function?
- A Florida borrower's 'impound account' (escrow account) held by the lender is used to:
- A wraparound mortgage in Florida is an example of:
- Which federal law requires lenders to provide borrowers with a Loan Estimate within 3 business days of receiving a loan application?
- A Florida borrower's monthly gross income is $6,000. The lender's conventional loan guideline allows a maximum housing expense ratio of 28%. What is the maximum allowable monthly PITI payment?
- The 'Community Reinvestment Act (CRA)' requires federally regulated financial institutions to:
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →