Exam (elaborations)
Principles Of Real Estate In Texas II (Real Estate Financing Principles) - Qs & As
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Principles Of Real Estate In Texas II (Real Estate Financing Principles) - Qs & As
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Principles Of Real Estate In Texas II (Real EstateFinancing Principles) - Qs & As
In case of foreclosure, under Texas law, how long does a borrower have to
redeem and repossess the forfeited property? Right Ans - No provision
under Texas law for redemption of owner-occupied property foreclosed
under a deed of trust
The Texas Department of Housing and Community Affairs Right Ans - offer
programs to finance the acquisition, construction, or rehabilitation of housing
that meets the needs of very-low to moderate incomes
My First Texas Home Program Right Ans - channels below-market interest
rate mortgage money through participating lenders
Texas Bootstrap Loan Program Right Ans - requires borrowers to provide
at least 65% of the labor necessary to construct or rehab the home being
purchased
Wraparound loan Right Ans - junior loan that is larger than the existing
first loan
the new lender (or the seller, if owner financed) makes the payments on the
original loan, as well as providing additional funds to the borrower. The
borrowers make one payment to the new lender.
A power-of-sale clause in a deed of trust usually gives the power of sale to
whom? Right Ans - Trustee
two qualifying criteria set by the VA for loans Right Ans - debt-to-income
ratio and residual income
debt to income ratio Right Ans - PITI + homeowners association dues (if
any) + all installment accounts, all revolving accounts, minimum payments on
paid-out revolving accounts, child care, and child support
residual income ratio Right Ans - gross income - all debts (homeowners
association dues (if any) + all installment accounts, all revolving accounts,
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