A buyer purchases a home in Ohio for $240,000 with a 20% down payment. What is the loan amount?
Correct Answer
D) $192,000
Down payment = 20% × $240,000 = $48,000. Loan amount = $240,000 − $48,000 = $192,000.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
More Oh Financing Closing Questions
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- → In Ohio, the conveyance fee statement (DTE 100 form) must be filed with the county auditor when transferring real property. This form requires disclosure of:
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- → In many Ohio counties, closings are conducted by title companies or attorneys. Which statement about attorney involvement in Ohio closings is MOST accurate?
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Previous Question
In Ohio, certain counties utilize the Auditor's Transfer Acknowledgment process. When submitting a deed for recording, the conveyance fee statement (DTE form) must accurately state the consideration. If the stated consideration is found to be fraudulently understated to reduce the conveyance fee, the seller may face:
Next Question
An Ohio property sells for $320,000. The state conveyance fee is $1.00 per $1,000 and the county charges the maximum permissive fee of $0.30 per $1,000. What is the total conveyance fee?