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
3. Open Ended
30 seconds
1 pt
FHA Direct Endorsement
4. Open Ended
30 seconds
1 pt
limited Denial of Participation
5. Open Ended
30 seconds
1 pt
4 c's of underwriting
6. Open Ended
30 seconds
1 pt
Credit Alert Verification Reporting System (CAIVRS)
7. Open Ended
30 seconds
1 pt
Which of the following is NOT one of FHA's 4 C's of underwriting
a. credit history
b. capacity to repay
c. cash
d. current interest rate
8. Open Ended
30 seconds
1 pt
Technology Open to Approved Lenders (TOTAL)
9. Open Ended
30 seconds
1 pt
Housing Expense Ratio
10. Open Ended
30 seconds
1 pt
FHA proposed mortgage payment
11. Open Ended
30 seconds
1 pt
maximum monthly housing expense a borrower can afford
12. Open Ended
30 seconds
1 pt
total debt to income ratio
13. Open Ended
30 seconds
1 pt
back end ratio does not exceed
14. Fill in the Blank
30 seconds
1 pt
To qualify for a FHA loan, borrower Andy should have a maximum ______ for the housing expense ratio and 43% for the total debt to income ratio
a. 28%
b. 31%
c. 25%
d. 29%
15. Open Ended
30 seconds
1 pt
Property guidelines for FHA loan approval are:
16. Open Ended
30 seconds
1 pt
FHA loan property eligibility includes
17. Open Ended
30 seconds
1 pt
HUD guidelines indicate that utilities and other facilities should be independent for each unit must include:
18. Open Ended
30 seconds
1 pt
Minimum property standards, and min property requirements that require further inspection
19. Open Ended
30 seconds
1 pt
FHA loans- occupancy
20. Open Ended
30 seconds
1 pt
Max mortgage amount for FHA loans; loan ceiling or base
21. Open Ended
30 seconds
1 pt
FHA required min investment
22. Open Ended
30 seconds
1 pt
lender overlays
23. Open Ended
30 seconds
1 pt
HUD authorized additional requirement conditions for the following options:
24. Open Ended
30 seconds
1 pt
a borrower seeking an FHA loan must make a min required investment of at least __ of the home's purchse price or appraised value, whichever is less ( i.e max LTV of 96.5%) from an acceptable source
a. 4.2%
b. 3.5%
c. 5.3 %
d. 2.5%
25. Open Ended
30 seconds
1 pt
Borrowers seeking an FHA loan with a min. decision credit score between 500 and 579 are
a. limited to 90% LTV
b. limited to 50% LTV
c. not eligible for FHA- insured mortgage financing ]