Jen’s Cheat Sheet

Question 1

What is the late Fee for a USDA/502 Loan?

Answer 1

The late Fee for a USDA/502 Loan is

4% P&I

Question 2

What % does USDA/502 Finance?

Answer 2

100%

Question 3

Does USDA/502 have PMI?

Answer 3

No PMI

Question 4

Does USDA502 have a Prepayment Penalty?

Answer 4

No Prepayment Penalty

Question 5

What are the four (4) types of Land Surveys?

Answer 5

28%/36%

28% Front End= Housing Ratio

36% back End=Total Debt to Income Ratio

Question 6

What is the Down Payment for a Conventional Loan?

Answer 6

3% First time buyer

5% Others

Question 7

For a Conventional Loan what is the Seller Concessions?

Seller Closing Costs/Seller Contribute on the LOWER of the APPRAISAL or PURCHASE PRICE

Answer 7

3% = 90%+ (LTV)

6% = 75% - 90%

9%= 75% & under

2%=Investment property

Question 8

What is the late Fee for a Conventional Loan?

(Principle & Interest ONLY)

Answer 8

5% P&I

Question 9

Bankruptcy Information for Conventional Loan.

How long after can you get a loan???

Answer 9

Chapter 13 - 2 years

Chapter 7 - 4 years

Foreclosure - 7 years

Short Sale - 4 years

Question 10

When can a consumer request removal of PMI with a Conventional Loan?

Answer 10

Conventional Loan has PMI until 80% of the LTV – consumer can request removal at 80%