FHA Home Loan question.?
On our loan agreement it lists 3 things:
I know P&I is principal and interest. What does LTV and CLTV stand for?
Also, we can’t figure out what it is asking us to pay per month. It says the P&I is $ 501, the LTV is 97.75, the CLTV is 97.75, and that the total points payable on our loan are 1%, equal to $ 782. So do we pay $ 501/mo or $ 782??
Sorry, first time home buyers/borrowers here. Thanks for your help!