Question $10$

$3\mathrm{.}33$ pts

Jorge has applied for a mortgage loan to purchase his own home. His credit score is well above the minimum $640$ required by the lender. The appraised value of the house is $$285,000$ and purchase price of the house is $$295,000.$ The maximum loan to value the mortgage lender allows is $95\%.$ The mortgage lender's maximum front$-$end debt ratio allowed is $29\%$ and maximum back$-$end debt ratio allowed is $41\%.$ The lender is charging a one $(1)-$point origination fee and that is included in the total closing costs. Closing costs total $$5,000.$

How much will the lender lend to Jorge if they go to the maximum loan to value $\%?$

$$ $$280,250$

None of the provided answers is correct.

$$ $$270,750$

$$ $$285,000$

$$ $$275,500$