Fha mortgage insurance - Study guides, Class notes & Summaries

ASREB Exam UPDATED ACTUAL Exam Questions and CORRECT Answers types of loans - CORRECT ANSWER - FHA loan, Conventional loan, VA loan FHA loan - CORRECT ANSWER - MIP (Mortgage Insurance Premium) Two types (Upfront and Monthly) Conventional loan - CORRECT ANSWER - PMI (Private Mortgage Insurance) Drops off automatically at 78% loan to value (LTV

Champions Real Estate Finance Final Exam With Correct Answers 2024 Loan-to-Value Ratio (LTV) -CORRECT ANSWER-The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage -CORRECT ANSWER-Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage -CORRECT ANSWER...

Texas Promulgated Contracts-CHAMPIONS STUDY 2022-2023. The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilatera...

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? -Correct Answer 50% Which is the maximum recommended housing ratio for renting an apartment? -Correct Answer 30% Eligibility requirements for down-payment assistance programs include which factors? -Correct Answer Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortg...

Champions Real Estate Finance Exam (New 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| A Grade QUESTION By FHA paying a claim to the lender in the event of a homeowner's default does this increase or reduce the risk? Answer: FHA will bear less risk and lower the risk QUESTION This can be paid at closing or added to the loan at funding Answer: UFMIP Up Front Mortgage Insurance Premium QUESTION What is the LTV of an FHA loan ...

RMLO - ANS Residential Mortgage Loan Originator Riparian Rights - ANS Unrestricted rights granted to owners of land located along the course of a river or stream. Littoral Rights - ANS Unrestricted rights granted to owners whose land borders oceans and large, navigable lakes that have a tide. Fannie Mae (FNMA) 1938 - ANS The Federal National Mortgage Association, which is a congressionally chartered, shareholder-owned company that is the nation's largest supplier of h...

Loan Estimate (LE) - ANS A document delivered or mailed to customers by a lender within 3 business days of mortgage application. The _______ ______ provides an estimate of closing costs and fees as well as the loan terms. Appraisal Independence Requirements (AIR) - ANS Prohibit a mortgage lender, broker, or a real estate agent or broker pressuring an appraiser to reach certain value in conjunction with an appraisal of real property. Periodic Rate Cap - ANS Is a limitation on ho...

Champions Real Estate Finance graded A+ already passed 2023Loan-to-Value Ratio (LTV) - correct answer The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage - correct answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - correct answer Covers ...

ASREB Exam Questions and Answers 100% Pass types of loans - FHA loan, Conventional loan, VA loan FHA loan - MIP (Mortgage Insurance Premium) Two types (Upfront and Monthly) Conventional loan - PMI (Private Mortgage Insurance) Drops off automatically at 78% loan to value (LTV) Ask for removal at 80% loan to value VA Loan - Funding Fee based on value USDA loan - loan is zero down loan for rural homes Gross lease is paid by the - landlord Net lease is paid by the - tenant how many stand...

What is the maximum percent of area median income allowable for a household to qualify for a Housing Choice Voucher? - Answer- 50% Which is the maximum recommended housing ratio for renting an apartment? - Answer- 30% Eligibility requirements for down-payment assistance programs include which factors? - Answer- Income, home-buyer education, purchase price The client is considering an FHA mortgage. What is the upfront mortgage insurance premium (UFMIP) for an FHA mortgage? - Answer- 1.7...