- 04/15/2019 at 5:10 am #487625EduGorillaKeymasterSelect Question Language :
To obtain an FHA mortgage for $50000 or more, a home buyer must make a down payment equal to 4% of the first $25000 of the mortgage amount and 5% of the portion in excess of $25000. At the time of settlement, the buyer pays a mortgage insurance premium equal to 3 percent of the mortgage amount. What is the maximum FHA mortgage, if any, that a buyer can obtain if he has only $6000 available for the down payment and insurance premium?
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