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A fixed-rate second mortgage has the loan amount fully disbursed at closing. Monthly payments are amortized over the term of the loan. Once the balance is paid off the mortgage is closed. - Answer- True A veteran may exchange a portion of their entitlement for cash. - Answer- False Judgments a...

A veteran has the ability to transfer a portion of their entitlement to another veteran. - Answer- False 1. Gross rent may be considered effective income when an applicant is planning to rent their current residence after closing on the purchase of their new home. - Answer- False Based on the ...

On an FHA loan the upfront MIP should be included when calculating cash-to-close. - Answer- False The borrower must have 5% of their own funds when putting 15% down on a primary residence. (FNMA) - Answer- False A 3-Year ARM adjusts every 3 years - Answer- True A Loan Officer can locate the...

A veteran has the ability to transfer a portion of their entitlement to another veteran. - Answer- False 1. Gross rent may be considered effective income when an applicant is planning to rent their current residence after closing on the purchase of their new home. - Answer- False Based on the ...

T or F - You are required to disclose why a loan was declined, if applicable, to the lender you are transferring a loan package to for all FHA and VA Loans - Answer- True What following repairs are allowed under the FHA 203(K) Standard Program - Answer- - Those allowed by 203(K) limited - conver...

first-time homebuyer - Answer- Someone who has never owned a home Move-up homebuyer - Answer- Currently owns, or has previously owned a home and is looking to move up in price, location, size, etc. Relocation Homebuyer - Answer- Purchasing a new home in a different city or state due to job tra...

Flipping is a scheme where several people each purchase a property within the neighborhood and then sell the properties to one another, inflating the price of the home with each sale. - Answer- False YTD paystubs will be requires from a borrower that is self-employed (schedule C) - Answer- False ...

FNMA and FHLMC are what type of loan? - Answer- conforming the main purpose of the Consumer financial protection bureau (CFPB) is to help consumers understand the terms of their agreements with financial companies - Answer- true conventional loans are not insured by the federal government - An...

Loans with an LTV >80% will typically require mortgage insurance. (FNMA/FHLMC) - Answer- True What is the maximum seller contribution allowed for a primary residence at 95% LTV? (FNMA/FHLMC) - Answer- 3% On an ARM, redisclosure of the Truth in Lending is required if the APR changes more tha...

Residual income is the amount of income available for family support after taxes and social security expense have been subtracted from the gross income and after PITI and other long-term debt has been paid. - Answer- Response: True Feedback: See Course 6, Lesson 1 FHA Case Numbers are tied to th...