Loan Types

Question 1

The minimum down payment on an FHA is ___

Answer 1

3.5%

Question 2

A VA appraisal is known as a ___.

Answer 2

Certificate of Reasonable Value (CRV)

Question 3

What is the late fee for an FHA or a VA loan?

Answer 3

4% of the monthly principal and interest

Question 4

PMI is required on any conventional loan for which the buyer makes a down payment of less than ___

Answer 4

20%

Question 5

What’s the maximum seller concession on an FHA, a VA, and a USDA?

Answer 5

6%
4%
6%

Question 6

What’s the minimum down payment on a conventional loan?

Answer 6

3%

Question 7

What are the late fees for FHA, VA, USDA and conventional mortgages?

Answer 7

4% for FHA, VA, USDA

5% for conventional

Question 8

How does LTV affect the maximum seller concession on a conventional mortgage?

Answer 8

75% LTV or less = 9% seller concessions.

75% 90% LTV = 6% seller concessions.

90% or more = 3% seller concessions.

Question 9

FHA:

Minimum down payment
Maximum seller concession
Late payment penalty

Answer 9

3.5% of loan value
6% of loan value
4% of monthly principal and interest

Question 10

VA:

Minimum down payment
Maximum seller concession
Late payment penalty

Answer 10

0%
4%
4%

Question 11

USDA

Minimum down payment
Maximum seller concession
Late payment penalty

Answer 11

0%
6%
4%

Question 12

Conventional loans

Minimum down payment
Maximum seller concession
Late payment penalty

Answer 12

3%
3-9% depending on LTV
5%