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A veteran has the ability to transfer a portion of their entitlement to another veteran. Correct Answer False 1. Gross rent may be considered effective income when an applicant is planning to rent their current residence after closing on the purchase of their new home. Correct Answer False Bas...
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Add to cartA veteran has the ability to transfer a portion of their entitlement to another veteran. Correct Answer False 1. Gross rent may be considered effective income when an applicant is planning to rent their current residence after closing on the purchase of their new home. Correct Answer False Bas...
On an FHA loan the upfront MIP should be included when calculating cash-to-close. Correct Answer False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) Correct Answer False A 3-Year ARM adjusts every 3 years Correct Answer True A Loan Officer...
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Add to cartOn an FHA loan the upfront MIP should be included when calculating cash-to-close. Correct Answer False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) Correct Answer False A 3-Year ARM adjusts every 3 years Correct Answer True A Loan Officer...
The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. Correct Answer True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA Correct Answer 3 years What are the steps you should follow to determi...
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Add to cartThe rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. Correct Answer True How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA Correct Answer 3 years What are the steps you should follow to determi...
T or F - You are required to disclose why a loan was declined, if applicable, to the lender you are transferring a loan package to for all FHA and VA Loans Correct Answer True What following repairs are allowed under the FHA 203(K) Standard Program Correct Answer - Those allowed by 203(K) limited...
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Add to cartT or F - You are required to disclose why a loan was declined, if applicable, to the lender you are transferring a loan package to for all FHA and VA Loans Correct Answer True What following repairs are allowed under the FHA 203(K) Standard Program Correct Answer - Those allowed by 203(K) limited...
Flipping is a scheme where several people each purchase a property within the neighborhood and then sell the properties to one another, inflating the price of the home with each sale. Correct Answer False YTD paystubs will be requires from a borrower that is self-employed (schedule C) Correct Ans...
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Add to cartFlipping is a scheme where several people each purchase a property within the neighborhood and then sell the properties to one another, inflating the price of the home with each sale. Correct Answer False YTD paystubs will be requires from a borrower that is self-employed (schedule C) Correct Ans...
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