Conventional with pmi - Study guides, Class notes & Summaries
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NM Real Estate Practice Exam Questions with Verified Solutions
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NM Real Estate Practice Exam 
Questions with Verified Solutions 
 
Feet in an acre 43,560 ft 
 
Feet in a Mile 5,280 ft 
 
A Plat An unofficial map or plan of a parcel of land that's been or will be subdivided to show 
the boundaries of each created lot 
 
Metes and Bounds Description using compass headings and directions 
 
Lot and Block Land description which provides plat reference 
 
Oversees Fannie Mae and Freddie Mac and regulates the Federal Home Loan Bank Federal 
Housing Finance Agency...
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MICHIGAN REAL ESTATE EXAM QUESTIONS AND ANSWERS 2024|GUARANTEED SUCCESS
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Conventional Mortgages 
neither insured nor guaranteed. Typically requires 20%-25% down payment. 
 
 
 
Conventional with PMI 
(Private mortgage insurance) A conventional loan with insurance on it- up to 20%. The law passes in 1998 made it mandatory for the lenders to drop the PMI when the loan balance reaches 78% of the original value of the property. Borrower can request the lender to drop the PMI, when the balance reaches 80% of the value of the property. FNMA and FHLMC encourages lenders to ...
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HUD Housing Counselor Certification Practice 100% correct!!
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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 1.75% 
...
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NMLS SAFE EXAM 2024 with Guaranteed Accurate Answers
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What does TILA stand for? - correct answer Truth-In-Lending Act, Regulation Z 
 
What is a HELOC loan? - correct answer a secured loan in that you are borrowing against the equity that has been built in your house 
 
What is a REFI loan? - correct answer 
 
LTV stands for - correct answer Loan to Value 
 
Define PMI and state what the acronym stands for. - correct answer Private mortgage insurance- on conventional loans 
 
Define one time variable funding fee and people in what situations is it...
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MLO SAFE NMLS SAFE TEST PRACTICE QUESTIONS | LATEST VERSION | 2024/2025 | ALREADY PASSED
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MLO SAFE NMLS SAFE TEST PRACTICE 
QUESTIONS | LATEST VERSION | 
2024/2025 | ALREADY PASSED 
 
__________________ requires that a borrower is notified ___________ days prior to the 
effective date of the loan servicing transfer. RESPA (Real Estate Settlement Procedures Act), 
15 days prior 
 
________________________ is another name for Section 114 of FACTA and also amends 
FCRA. The Red Flag Rules 
 
A ______________ buyer is a person who gets paid for the use of their name and credit history 
i...
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Xinnix SOAR Final questions and answers latest top score.
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Xinnix SOAR Final questions and answers latest top score. 
 
 
 
 
 
 
 
FNMA and FHLMC are what type of loan? - correct rming 
 
the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies - correct 
 
conventional loans are not insured by the federal government - correct 
 
Agency loans include FHA and VA loans - correct 
 
the proceeds of a loan for cash out refinance may be used by the borrower ...
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HUD Housing Counselor Certification Practice Verified Answers
- Exam (elaborations) • 36 pages • 2024
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HUD Housing Counselor Certification Practice Verified Answers 
What is the maximum percent of area median income allowable for a household to qualify for a Housing 
Choice Voucher? ️50% 
Which is the maximum recommended housing ratio for renting an apartment? ️30% 
Eligibility requirements for down-payment assistance programs include which factors? ️Income, 
home-buyer education, purchase price 
The client is considering an FHA mortgage. What is the upfront mortgage insurance premiu...
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ASREB Exam Practice Questions and Answers
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ASREB Exam Practice Questions and 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) 
Ask for removal at 80% loan to value 
VA Loan - Correct Answer ️️ -Funding Fee based on value 
USDA loan - Correct Answer ️️ -loan is zero do...
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NMLS SAFE EXAM 2024 Questions With Verified Answers
- Exam (elaborations) • 16 pages • 2024
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NMLS SAFE EXAM 2024 Questions With 
Verified Answers 
What does TILA stand for? - answerTruth-In-Lending Act, Regulation Z 
What is a HELOC loan? - answera secured loan in that you are borrowing against the equity 
that has been built in your house 
What is a REFI loan? - answer 
LTV stands for - answerLoan to Value 
Define PMI and state what the acronym stands for. - answerPrivate mortgage insurance- on 
conventional loans 
Define one time variable funding fee and people in what situations is i...
-
NMLS SAFE EXAM 2024 Questions With Verified Answers
- Exam (elaborations) • 16 pages • 2024
-
- $12.49
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NMLS SAFE EXAM 2024 Questions With 
Verified Answers 
What does TILA stand for? - answerTruth-In-Lending Act, Regulation Z 
What is a HELOC loan? - answera secured loan in that you are borrowing against the equity 
that has been built in your house 
What is a REFI loan? - answer 
LTV stands for - answerLoan to Value 
Define PMI and state what the acronym stands for. - answerPrivate mortgage insurance- on 
conventional loans 
Define one time variable funding fee and people in what situations is i...
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