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%

D