Question
In: Finance
How much would you have to put down on a house with a selling price of...
How much would you have to put down on a house with a selling price of $90,000 and an appraised value of $95,000 when the lender required an 80% loan-to-value ratio?
Solutions
Expert Solution
Loan-to-Value Ratio = Mortgage Amount / Appraised Property Value
0.80 = Mortgage Amount / $95,000
Mortgage Amount = $95,000 * 0.80 = $76,000
Down payment = Selling Price - Mortgage Amount = $90,000 - $76,000 = $14,000
jeff jeffy answered 2 years agoRelated Solutions
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