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Eli is buying a townhouse that costs $276,650. He has $28,000 in savings and earns $4,475 a month. Eli would like to spend no
more than 30% of his income on his mortgage payment. Which loan option would you recommend to Eli?
a 30 year FHA, 3.5% down at a fixed rate of 6.5%
b. 30 year fixed, 5% down at a fixed rate of 6.25%
c. 30 year fixed, 6.5% down at a fixed rate of 5.75%
d. 30 year fixed, 10% down at a fixed rate of 5%
Please select the best answer from the choices provided
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