Finance
A Washington buyer qualifies for a 30-year FHA loan at 6.75% for $320,000. FHA upfront MIP is 1.75% of the loan amount, added to the loan. The total loan amount after adding upfront MIP is:
A$320,000
B$325,600✓ Correct
C$331,200
D$340,000
Explanation
Upfront MIP = $320,000 × 1.75% = $5,600.
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