Finance
A Florida buyer obtains an FHA loan with 3.5% down. On a $250,000 purchase price, what is the required down payment?
A$5,000
B$7,500
C$8,750✓ Correct
D$12,500
Explanation
FHA requires a minimum 3.5% down payment for borrowers with qualifying credit scores. $250,000 × 3.5% = $8,750.
Related Florida Finance Questions
- Under Florida law, a 'purchase money mortgage' (PMM) has priority over which of the following?
- In Florida, RESPA (Real Estate Settlement Procedures Act) prohibits:
- Under RESPA (Real Estate Settlement Procedures Act), a 'kickback' or referral fee paid between settlement service providers is:
- Under the Truth in Lending Act (TILA), the Annual Percentage Rate (APR) differs from the interest rate because the APR:
- Under the Equal Credit Opportunity Act (ECOA), a lender in Florida may NOT deny a mortgage application based on:
- A Florida adjustable-rate mortgage (ARM) with a '2/6 cap structure' means:
- In Florida, a 'wraparound mortgage' (all-inclusive trust deed) is one where:
- A Florida homebuyer is applying for a VA loan. VA loans are guaranteed by the:
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →