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Down Payment: $10,500
Estimated Closing Costs: $5,350.66
Estimated Prepaid Items: $2,555.48
Less seller tax proration (105% at 6
months): $1,890.00
Cash required to close: $16,516.39 (5.5%
investment)FHA financing with
minimum down payment has several advantages over conventional financing with
less than 10% down. Some of the reasons are:
3.5% down vs. 5% down declining market scenario - thereby increasing the PMI
coverage, minimum credit scores of 720 required for conventional financing,
maximum debt ratio of 38% for conventional loans greater than 90%
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P&I: 1558.87
Real Estate Taxes: $300.00
Homeowner's Insurance: $50.00
Monthly MIP: $132.69
Total Payment: $2,041.56 |