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MA Salesperson Exam Module 11: Government Financing Programs & Regulations Study Guide Solutions Updated 2024
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MA Salesperson Exam Module 11: Government Financing Programs & Regulations Study Guide Solutions Updated 2024 conventional loans - ANSWER-not apart of government financing programs government financing programs - ANSWER-encourage home ownership by making loans affordable. Allow borrowers to u...

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  • November 4, 2024
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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




MA Salesperson Exam Module 11:

Government Financing Programs &

Regulations Study Guide Solutions

Updated 2024


conventional loans - ANSWER✔✔-not apart of government financing programs


government financing programs - ANSWER✔✔-encourage home ownership by making loans affordable.

Allow borrowers to use more leverage than a bank would normally allow


loan to value ratio - ANSWER✔✔-banks typically prefer 80%


Federal Housing Administration - ANSWER✔✔--insures lenders to make loans with more than 80% LTV

(usually up to 96.5%)


-puts in limitations to make loans more friendly for borrowers


-lower FICO requirements, high DTI ratio, no pre-payment penalties


203(b)-program - ANSWER✔✔-anyone qualifies for FHA financing so long as they are purchasing a

primary residence


mortgage insurance - ANSWER✔✔-MI, the insurance for FHA loans


Veterans Affair Financing - ANSWER✔✔--financing only available for honorably discharged veterans


-no downpayment is required

Copyright ©Stuvia International BV 2010-2024 Page 1/10

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


-provided by the department of Veteran's affairs


-can reuse VA financing but can only have one in their name at a time


USDA financing - ANSWER✔✔--United States Dept of Agriculture


-Offers loans, grants, and loan guarantee programs to low- and moderate-income rural Americans who

would like to purchase a home and/or own farmland


- Also offers funding to improve homes in rural areas to bring them in compliance with the building and

sanitary codes.


Private Mortgage Insurance - ANSWER✔✔-o Part of market version of FHA or VA


o Insurance for the lender provided by a private insurer rather than the government


o Buyers can make down payments of less than 20% but they must pay monthly premium on behalf of

lender until LTV dips below 78%


§ At 78%, PMI will automatically discharge per the Homeowners Protection Act of 1998


§ Also known as MGIC financing


Monetary Policy - ANSWER✔✔-Government policy that attempts to manage the economy by controlling

the money supply and thus interest rates.


The Federal Reserve - ANSWER✔✔-§ Known as The Fed


§ Created in 1913 in response to 1907 panic


§ Established with goals of maximizing employment, stabilizing prices, and moderating interest rates


§ Further expanded to regulate banks and conduct much of the nation's monetary policy



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