Use the information provided below to answer the following questions:

What will the borrower's total loan amount be if they opt for the FHA loan?

$300,000

$289,500

$296,014

$300,514

Conventional Difference? Loan $300,000 FHA Loan Purchase Contract $300,000 Price $300,000 Appraised Value $300,000 Non-FHA Closing $4,500 $4,500 Costs Maximum loan $289,500 $285,000 $7,125 Upfront MIP S6,514 Total Loan Down payment Cash to close