Finance
A Rhode Island buyer takes out an FHA loan. What is the minimum down payment required for an FHA-insured mortgage with a credit score of 580 or above?
A0%
B3.5%✓ Correct
C5%
D10%
Explanation
FHA-insured loans require a minimum down payment of 3.5% for borrowers with a credit score of 580 or above. For credit scores between 500-579, FHA requires a 10% down payment.
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