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XINNIX Ground School Complete Questions And Answers 2023/2024
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XINNIX Ground School Complete Questions And Answers 2023/2024 XINNIX Ground School Complete Questions And Answers 2023/2024
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XINNIX Ground School Complete Questions And Answers 2023/2024 First-time homebuyer ✅Someone who has never owned a home Move -up homebuyer ✅Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc. Relocation Homebuyer ✅Purchasing a new home in a different city or state due to job transfer or personal desire Affluent homebuyer ✅Well seasoned in home buying process. Knowledgeable, financially savvy, busy. Empty -nester homebuyer ✅Experienced homebuyers looking to downsize due to age and no dependent children. Investor homebuyer ✅Well seasoned and knowledgeable about mortgage process. Rate sensitive, smarter, potentially impatient and time sensitive. Looking to close as quickly as possible. End lender in mortgage banking ✅correspondent lender End lender in mortgage brokering ✅wholesale lender Correspondent lenders ✅purchase closed loans from banks and mortgage bankers. Warehouse line of credit. Wholesale lenders ✅Table fund at closing. All closing docs in name of wholesale lender. Fannie Mae (FNMA) ✅Federal National Mortgage Association Freddie Mac (FHLMC) ✅Federal Home Loan Mortgage Corporation FHA ✅Federal Housing Administration VA ✅Veteran's Administration Non-agency loans ✅Comprise any loans not made by the 4 lending agencies Conforming loans ✅Any agency loan Jumbo loan ✅Any conventional loan that is in excess of the loan limits set by Fannie Mae and Freddie Mac. All jumbo loans are, by definition, nonconforming; the reverse, however, is not true. Conventional ✅A loan NOT insured by FHA or VA Non-conforming ✅Any loan that does NOT conform to Freddie Mac or Fannie Mae guidelines URLA ✅Uniform residential loan application. 1003. Construction loan ✅A short -term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses. Construction -permanent loan ✅Same as Construction loan except that long -term financing replaces the interim financing upon home completion. Primary residence (owner -occupied, principal residence) ✅Residence that the owner physically occupies Secondary residence (second home) ✅Property purchased for occupancy but not considered primary residence. Such as a vacation home. Investment property (rental property) ✅Property purchased by borrower with no intention to occupy and is instead used to establish rental income cash flow. Primary residence > Second home > Investment property ✅Risk of default to lender rated lowest to highest based on property purpose. Single Family Detached ✅A dwelling with no shared walls, designed to be used by one household Single Family attached ✅Two or more dwellings sharing a Common wall. Townhouses and condos Condominium ✅A separate living unit joined together by like units sharing common walls. Townhouse ✅A dwelling of two or three stories that attaches at sidewalls to other units; each person owns walls and air space plus property rights and yard of the unit Duplex, triplex, quadruplex ✅Properties that have 2, 3, 4 units respectively located in one buildingThe benefits of buying summaries with Stuvia:
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