FHA insured loans

FHA insured loans

Assessment

Assessment

Created by

Fawn Benson

others

Hard

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32 questions

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1.

Open Ended

30 sec

1 pt

Fha

Evaluate responses using AI:

OFF

Answer explanation

loans for single and multi family, does not have income limits. but DOES have a maximum mortgage amount that it will insure. -defines the loan programs and sets guidelines for the programs in accordance with HUD's regulations -HUD issues regulations and establishes guidelines for approving lenders authorized to make FHA loans.

2.

Open Ended

30 sec

1 pt

If you meet the lending guidelines, who can qualify for the FHA- insured loan? select all that apply a. permanent residents b. U.S citizens c. non-permanent residents with qualifying work visa d. all non-permanent residents

Evaluate responses using AI:

OFF

Answer explanation

a. permanent residents b. U.S citizens c. non-permanent residents with qualifying work visa

3.

Open Ended

30 sec

1 pt

FHA Direct Endorsement

Evaluate responses using AI:

OFF

Answer explanation

An automatic approval system that allows FHA loan approvals by an in-house underwriter., authorized to underwrite and close mortgage loans without prior submission for FHA review or approval.

4.

Open Ended

30 sec

1 pt

limited Denial of Participation

Evaluate responses using AI:

OFF

Answer explanation

an action taken by a HUD field office or the deputy assistant secretary for single-family or multi-family housing that excludes a person or company who fails to comply with HUD program standards from further participation in a HUD program area. -LDPs expire in one year

5.

Open Ended

30 sec

1 pt

4 c's of underwriting

Evaluate responses using AI:

OFF

Answer explanation

-credit history of the borrower, which indicates the borrower's willingness to repay debt - Capacity to repay the loan, which includes income and employment history - Cash assets available to close the mortgage -Collateral, which evaluates the value of the home

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