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In January of 2020, Wella and Kip agreed to purchase a home at a purchase price of $546,300. They would like to hold onto as much of their savings as they can, but they have chosen to make a down payment sufficient enough to qualify for a conforming loan. What is the minimum down payment they can make to reach the conforming loan limit but still retain savings

Respuesta :

Answer:

$35,900

Explanation:

The computation of the down payment is as follows:

= Purchase price of the home - loan limit

= $546,300 - $510,400

= $35,900

Hence, the minimum down payment they can make to reach the conforming loan limit but still retain savings is $35,900

The same is to be considered by applying the above formula

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