Finance
A Montana buyer is using an FHA loan. What is the minimum required down payment as a percentage of the purchase price?
A0%
B3%
C3.5%✓ Correct
D5%
Explanation
FHA loans require a minimum down payment of 3.5% of the purchase price for borrowers with a credit score of 580 or higher. Lower credit scores may require a higher down payment (10%).
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