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FHA Loans > FHA Loans > Flashcards

FHA Loans Flashcards

1
Q

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

A

Debt to income ratio

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2
Q

9020000/9500000. 95%

A

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

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3
Q

Escrow

A

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

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4
Q

Eligibility number

A

Social security number

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5
Q

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

A

I-551 stamp

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6
Q

Payments done if borrower falls behind on payments

A

Mortgage insurance

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7
Q

Insurance for fire, lightning, hail.

A

Home owners insurance

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8
Q

Insurance for flood

A

Flood insurance

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9
Q

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

A

60 days

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10
Q

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

A

W2

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11
Q

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

A

combined loan to value cltv

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12
Q

payments for child needed for eligibilty

A

child support

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13
Q

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

A

court orders, bank statements and tax returns.

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14
Q

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

A

tax returns/1040

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15
Q

how long should child support be provided for for loan eligibility

A

three years

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16
Q

amount of coborrowers for loan

A

no set number

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17
Q

helps if the other borrower falls short of payments

A

cosigner

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18
Q

helps with payments

A

coborrower

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19
Q

helps with payments but doesnt live at the home

A

non occupying coborrower/cosigner

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20
Q

Wages for the month

A

paystub

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21
Q

need how many days of income from paystubs

A

30 days

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22
Q

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

A

2 years, verification of employment

23
Q

Grab someone’s attention/ looks good

A

Snatched

24
Q

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

A

gift funds

25
Q

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

A

gifts of equity

26
Q

provide receipt, and purchase agreement for sale of

A

a car, boat or land

27
Q

a interested third party

A

may contribute 6% percent of the purchase price

28
Q

renters are allowed to

A

purchase a rented home if allowed

29
Q

renters purchasing a rented home need

A

purchasing agreement

30
Q

you need how many years of good credit history

A

2 years

31
Q

use the middle

A

fico score out of three fico scores. Experian equifax

32
Q

No being faithful

A

No dancing

33
Q

credit reports are only good for

A

120 days

34
Q

Saying crazy things

A

Blasphemous.

35
Q

if there is more than one borrower

A

use the lowest middle core

36
Q

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

A

collections

37
Q

must have no late payments or judgements for

A

12 months on credit history

38
Q

if the collections account is 2000 or more

A

it must be paid

39
Q

account you made with lender on credit history

A

tradeline.

40
Q

borrowers must wait 2 years after

A

chapter 7 bankcruptcy to file for new loan

41
Q

borrowers must wait one year after

A

chapter 13 bankcruptcy to file for new loan

42
Q

cash that is given along with offer to buy the home

A

earnest money

43
Q

a account where credit is paid monthly

A

30 day charge account

44
Q

borrower must pay 30 day charge account for

A

12 months

45
Q

if any late payments on 30 day charge accounts

A

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

46
Q

Credit card

A

Revolving account

47
Q

Student loans and auto loans mortgages

A

Installment trade line

48
Q

Doctors bills attorney bills

A

Open account

49
Q

installment loans require

A

principal & interest payments, monthly payments

50
Q

revolving loans do require

A

periodic payments

51
Q

fha has no tradeline

A

requirments

52
Q

30 day charge accounts require

A

you pay balance by the end of the month.

53
Q

Meth, cocaine, heroin and fentanyl

A

Narcotics

FHA Loans (1 decks)

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