A house in under contract of 260,000, an appraised for 240,000. The buyer will get an 80% to value and the lender will changer 1 .5 points. How much money does the buyer need to complete the sell?
1 answer:
Answer: $70,880
Explanation:
The lender will loan out 80% of the value of the house:
= 240,000 * 80%
= $192,000
They will charge a loan origination fee of 1.5% so the net loan is:
= 192,000 * (1 - 1.5%)
= $189,120
The buyer needs $260,000 to complete the sale so the amount needed is:
= 260,000 - 189,120
= $70,880
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