Chapter 5: Government Loan Programs Flashcards
1
Q
FHA
A
insures loans for single-family and multi-family homes made by approved lenders.
2
Q
Section 502
A
Rural Housing Loan, guarantees loans made by private lenders, or makes direct loans if no lending is available.
3
Q
Residual Income Calculation
A
shows cash flow remaining for family support in a VA situation.
4
Q
USDA
A
115% of area median income.
5
Q
VA Loan Maximum Flat Fee
A
1%