General Mortgage Knowledge

Question 1

Conforming Mortgage DTI

Answer 1

28/36

Question 2

Seller financing not allowed on ___ loans

Answer 2

government

Question 3

___ only buys first lien position loans

Answer 3

Fannie Freddie

Question 4

Dont have LE/CD or ATR requirements

Answer 4

HELOCs and HECM

Question 5

Who is in charge of FHA and FHA?

Answer 5

HUD

Question 6

FHA loan with <580 credit needs:

Answer 6

10% down
(Fannie Freddie still won’t buy)

Question 7

Government loans acceptable funds:

Answer 7

family member or nonprofit

Question 8

FHA
Seller’s concessions:

Answer 8

<5% down = up to 3% of SALES price
5+% down= up to 6% of SALES price

Question 9

FHA loans must be _____ term loans

Answer 9

15 or 30 year

Question 10

FHA
less than 10% down pays :
10+% down pays:

Answer 10

MIP for life
MIP for 11 years

Question 11

FHA Streamline

Answer 11

quickly refinance, save on fees

Question 12

FHA loan limits set by ___
Fannie Freddie loan limits set by ___

Answer 12

HUD
FHFA

Question 13

___ day anti flipping rule for FHA loans

Answer 13

90 day

Question 14

government loans must be for ____ residence

Answer 14

primary

Question 15

What is 203k?

Answer 15

FHA rehab loan

Question 16

VA Funding Fee (4):

Answer 16

never refundable (can be waived)
2.3% for first time use no down payment
ranges .5% to 3.6%
can be financed

Question 17

VA DTI:

Answer 17

41%

Question 18

VA appraisal method known as

Answer 18

CRV- Certificate of Reasonable Value
VA does not use AMC

Question 19

USDA both __ and ___ loans

Answer 19

makes, guarantees

Question 20

What would be used to move lien priority on a title?

Answer 20

subordination agreement