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Purchase of a house with an appraised value

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Consider the purchase of a house with an appraised value of $480,000, an actual sale price of $495,000. The loan terms are 30 years at 4%. Non-FHA closing costs are $6,700. Please determine the following:

1. the maximum FHA loan amount can be borrowed;

2. the UFMIP amount and the total loan amount

3. the total cash required.

Reference no: EM132499652

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