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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

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. Show all your work.

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