A graduating student is looking to buy a house. They have a 600 credit score and have $ 6,000 for down payement. They contact an agent an agent and find a house they like for $ 150,000. Then they contact a lender to apply for the loan and find that a FHA is their best option. If FHA lending rates for 30 year fixed rate mortgages on single family over occupied homes is 4.5% with, $15,000 for fee and no point . Taxes are 85 Effective Mills. How much will the graduating student need at closing and how much will be monthly PITI payement including the MIP.