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Question 47 (1 point) For homes at the $450,000 price point, current conditions in the mortgage market require minimum 20% down payment, $8,000 in closing
Question 47 (1 point) For homes at the $450,000 price point, current conditions in the mortgage market require minimum 20% down payment, $8,000 in closing costs, plus a financing fee (paid at closing) equal to 1% of loan amount. Interest rates on 30-year mortgages are 5.5%. Annual hazard insurance is $4,000 per year. Property taxes are 2% of the property value. If underwriting standards require a maximum payment-to-income ratic of 28%, what is lowest household income that could afford these houses? Excel $87,602 $95,600 $101,600 $119,745 $134,030 Question 48 11 noint)
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