Real Estate Math
A Virginia buyer obtains a $400,000 FHA loan. The UFMIP is 1.75%. How much is the UFMIP?
A$5,000
B$7,000✓ Correct
C$7,500
D$6,000
Explanation
UFMIP = $400,000 × 1.75% = $7,000. To solve this, multiply the relevant values: $400,000 at 1.75%.. The correct answer is $7,000.. This is a common calculation on the Virginia real estate exam.
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