Question

Which is the down payment required if the client purchases a $375,000 home with an FHA mortgage?

Answer 1

The down payment required for a $375,000 home with an FHA mortgage is $13,125.

Step-by-step explanation:

When purchasing a home with an FHA mortgage, the down payment required is typically 3.5% of the purchase price. To find the down payment amount for a $375,000 home, simply multiply the purchase price by 3.5%:

Down payment = $375,000 x 0.035 = $13,125

So, the down payment required for a $375,000 home with an FHA mortgage is $13,125.