Finance
A West Virginia buyer obtains an FHA loan. The minimum down payment required is:
A3% of purchase price
B3.5% of purchase price✓ Correct
C5% of purchase price
D10% of purchase price
Explanation
FHA loans require a minimum down payment of 3.5% of the purchase price for borrowers with credit scores of 580 or above.
Related West Virginia Finance Questions
- A West Virginia property's loan-to-value (LTV) ratio is 80%. The purchase price is $200,000. The down payment would be:
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