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A conventional 97 program allows financing up to 97% LTV. On a $300,000 home, what is the minimum down payment under this program?
a.$9,000
b.$10,500
c.$15,000
d.$3,000
Giải thích
At 97% LTV the borrower puts down 3%: 3% x $300,000 = $9,000. $10,500 is 3.5% (FHA), $15,000 is 5%, and $3,000 is only 1%.
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