FHA Loans

Question 1

Who are the FHA?

Answer 1

The Federal Housing Administration is a gov. organization within the Dep. of Housing and Urban Dev. (HUD).

Question 2

What part does the FHA have in FHA insured loans?

Answer 2

FHA does not fund FHA insured loans, but insures them.

Question 3

For FHA Loans, they are for ___ residences only and require a minimum __ down payment. The entire down payment can be ___ from a relative.

Answer 3

1. ) Primary
2. ) 3.5%
3. ) Gift

Question 4

What are the ratios for FHA Loans?

Answer 4

May not exceed 31/43 ratios.