Unit 9: Government-Sponsored and Other Financing Flashcards
A California veteran might have a home loan insured by:
FHA
FHA appraisal value is used to set the upper limit of:
The loan amount
In addition to a monthly charge, FHA mortgage insurance includes a one-time payment on a purchase loan that is:
1.75% of the loan amount.
For an existing structure, the maximum FHA mortgage loan term is:
30 years
One discount point will increase a lender’s effective yield by approximately:
1/8%
Four discount points will increase a lender’s effective yield by approximately:
1/2%
On FHA loans, seller contributions, including discounts and closing costs, cannot exceed:
6% of the acquisition cost
Five different graduated payment mortgages are approved by:
FHA
A veteran can have a home loan guaranteed by:
VA
The notice of value sets the upper limit of value for:
The guarantee
Using the benefits of the GI Bill, a veteran cannot buy:
A Farm
A veteran can be given a home loan on property owned by:
CalVet
A CalVet purchase loan must be applied for:
Before a contract of sale is signed.
CalVet Loans are NOT available for:
Commercial Property
Many seller-financed purchases are examples of:
Creative Financing
An installment sales contract is also called
a land contract
In a sale-leaseback
both land and buildings can be sold.
The secondary mortgage market does NOT deal in:
Issuing Loans
Which is NOT a part of the primary mortgage market:
Fannie Mae
Ginnie Mae securities are NOT backed by:
CalVet Loans
Government Loans
- FHA Insured
- VA Guaranteed
- CalVet
The minimum cash investment made by a borrower on an FHA-insured loan must be at least:
3.5% of the sales price.
203 (b)
The vast majority of FHA loans
VA Guaranteed Loan
A loan guaranteed by the government. Does not need a down payment. 2.15% funding fee of the loan amount paid at the close of the sale.
