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 building
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Nipsey. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.