Chapter 5: Government Loan Programs Flashcards

1
Q

FHA

A

insures loans for single-family and multi-family homes made by approved lenders.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Section 502

A

Rural Housing Loan, guarantees loans made by private lenders, or makes direct loans if no lending is available.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Residual Income Calculation

A

shows cash flow remaining for family support in a VA situation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

USDA

A

115% of area median income.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

VA Loan Maximum Flat Fee

A

1%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly