Question about Mortgages?

Dan and Sue Willingham have saved $14,000 for a down payment on their future home. Their bank has informed that the minimum down payment required to obtain a mortgage loan is 20%. What is the most that they can spend for a home and expect to receive bank approval for their loan?

1 Answer

  • 8 years ago
    Favorite Answer

    $14,000 / 0.2 = $70,000

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