Government Financing Flashcards
0
Q
FHA insured loans differ from conventional loans in that:
A
The loan origination fee can be no higher than 1 point or 1% of the loan amount.
1
Q
_____ _____Requires the borrower to participate in the mutual mortgage insurance plan (MMIP)
A
FHA loans
2
Q
For VA loans, this is required to establish value for the property.
A
Certificate of reasonable value
3
Q
In an effort to reduce shortages of available funds from private banks for mortgage lending within New York State this was created:
A
The State of New York Mortgage Agency
SONYMA
4
Q
“Achieving the Dream” is a program for first-time homebuyer offered by:
A
SONYMA
5
Q
The type of FHA insured loan that is intended to help a low and middle income families by limiting the maximum loan amount is:
A
FHA standard section 203(b)loan
