Conventional Loan Programs Flashcards

1
Q

What sort of appraisal approach do construction loans use?

A

The cost approach

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2
Q

For a construction loan, the appraisal is considered whaT?

A

“subject to”

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3
Q

For a construction loan. who does The Certificate of Occupancy (CO) come from?

A

The County Zoning Department

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4
Q

A one-time close requires what type of loan?

A

construction-only loan

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5
Q

A two-time close requires what type of loan?

A

construction-to-permit loan

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6
Q

How long is a bridge?

A

12 months or less

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7
Q

What is the MAX LTV without PMI for a FNMA Loan?

A

80%

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8
Q

What is the MAX LTV with PMI for a FNMA Loan?

A

95-97%

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9
Q

What is the MAX DTI for a FNMA Loan?

A

28/36

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10
Q

What automated underwriting system is used for Fannie Mae?

A

DU

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11
Q

What automated underwriting system is used for Freddie Mac?

A

LP

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12
Q

What is the MAX late fee for a Fannie Mae Loan?

A

5%

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13
Q

What is the MAX IPC allowed for FNMA Loans?

A

4%

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14
Q

What does IPC stand for?

A

interested party contribution

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