12 Review the details of transaction for the purchase of a new primary residence and determine if the loansatisfies Fannie Mae guidelines? And why?notes:Closing CostsPrepaid ExpensesSales Price $ 160,000.00$ 3,198.00$3,050.00Total $ 166,248.00Mortgage Amount $ 152,000.00$ 1,000.00EMDSeller Pd Costs$6.400.00Cash needed to close$6,848.00Answer:

Fannie Mae Guidelines : Fannie Mae stands for Federal National Mortgage Association guidelines…

Review the detals of transaction for the purchase of a new primary residence and detemine if the loan satisfies Fannie Mae guidelines? And why? notes: Sales Price $ 160,000.00 Closing Costs Prepaid Expenses $ 3,198.00 $ 3,050.00 Total $ 166,248.00 Mortgage Amount $ 152,000.00 EMD $ 1,000.00 Seller Pd Costs $6.400.00 Cash needed to close $ 6,848.00

Review the detals of transaction for the purchase of a new primary residence and detemine if the loan satisfies Fannie Mae guidelines? And why? notes: Sales Price $ 160,000.00 Closing Costs Prepaid Expenses $ 3,198.00 $ 3,050.00 Total $ 166,248.00 Mortgage Amount $ 152,000.00 EMD $ 1,000.00 Seller Pd Costs $6.400.00 Cash needed to close $ 6,848.00

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 38P

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