FHA Loans

Question 1

30%/50%. Debt divided by income amount. lowest to highest debt percentage

Answer 1

Debt to income ratio

Question 2

9020000/9500000. 95%

Answer 2

Loan to value ratio. borrowed 95% of the homes value.

Question 3

Escrow

Answer 3

Property Taxes and insurance are paid to this. includes monthly payments for mortgage insurance homeowners insurance, flood insurance

Question 4

Eligibility number

Answer 4

Social security number

Question 5

Legal stamp issued after being a citizen/green card. used for people from another country.

Answer 5

I-551 stamp

Question 6

Payments done if borrower falls behind on payments

Answer 6

Mortgage insurance

Question 7

Insurance for fire, lightning, hail.

Answer 7

Home owners insurance

Question 8

Insurance for flood

Answer 8

Flood insurance

Question 9

how long till someone can must be moved in house after loan closing

Answer 9

60 days

Question 10

Wages of income and Medicare tax social security tax and income tax

Answer 10

W2

Question 11

2 different loans lets say one for house and one for car.

Answer 11

combined loan to value cltv

Question 12

payments for child needed for eligibilty

Answer 12

child support

Question 13

which way are child support and alimony payments given/shown to insurers

Answer 13

court orders, bank statements and tax returns.

Question 14

includes income, deductions and tax credits. Money given to charity, retirement money (pensions) and dividends

Answer 14

tax returns/1040

Question 15

how long should child support be provided for for loan eligibility

Answer 15

three years

Question 16

amount of coborrowers for loan

Answer 16

no set number

Question 17

helps if the other borrower falls short of payments

Answer 17

cosigner

Question 18

helps with payments

Answer 18

coborrower

Question 19

helps with payments but doesnt live at the home

Answer 19

non occupying coborrower/cosigner

Question 20

Wages for the month

Answer 20

paystub

Question 21

need how many days of income from paystubs

Answer 21

30 days

Question 22

Loan insurers need to know if the person worked for how many years and what is it called

Answer 22

2 years, verification of employment

Question 23

Grab someone’s attention/ looks good

Answer 23

Snatched

Question 24

funds given to borrower by a family member without need for repayment

Answer 24

gift funds

Question 25

a home offered for purchase by a family member for lower price then market value

Answer 25

gifts of equity

Question 26

provide receipt, and purchase agreement for sale of

Answer 26

a car, boat or land

Question 27

a interested third party

Answer 27

may contribute 6% percent of the purchase price

Question 28

renters are allowed to

Answer 28

purchase a rented home if allowed

Question 29

renters purchasing a rented home need

Answer 29

purchasing agreement

Question 30

you need how many years of good credit history

Answer 30

2 years

Question 31

use the middle

Answer 31

fico score out of three fico scores. Experian equifax

Question 32

No being faithful

Answer 32

No dancing

Question 33

credit reports are only good for

Answer 33

120 days

Question 34

Saying crazy things

Answer 34

Blasphemous.

Question 35

if there is more than one borrower

Answer 35

use the lowest middle core

Question 36

when debt is sent to a third party agency it is called

Answer 36

collections

Question 37

must have no late payments or judgements for

Answer 37

12 months on credit history

Question 38

if the collections account is 2000 or more

Answer 38

it must be paid

Question 39

account you made with lender on credit history

Answer 39

tradeline.

Question 40

borrowers must wait 2 years after

Answer 40

chapter 7 bankcruptcy to file for new loan

Question 41

borrowers must wait one year after

Answer 41

chapter 13 bankcruptcy to file for new loan

Question 42

cash that is given along with offer to buy the home

Answer 42

earnest money

Question 43

a account where credit is paid monthly

Answer 43

30 day charge account

Question 44

borrower must pay 30 day charge account for

Answer 44

12 months

Question 45

if any late payments on 30 day charge accounts

Answer 45

5% percent of the balance will be in debt to income ratio

Question 46

Credit card

Answer 46

Revolving account

Question 47

Student loans and auto loans mortgages

Answer 47

Installment trade line

Question 48

Doctors bills attorney bills

Answer 48

Open account

Question 49

installment loans require

Answer 49

principal & interest payments, monthly payments

Question 50

revolving loans do require

Answer 50

periodic payments

Question 51

fha has no tradeline

Answer 51

requirments

Question 52

30 day charge accounts require

Answer 52

you pay balance by the end of the month.

Question 53

Meth, cocaine, heroin and fentanyl

Answer 53

Narcotics