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CRU Final Exam (Underwriting Alternative Mortgage Products)
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CRU Final Exam (Underwriting AlternativeMortgage Products)
Which of the following is a potential negative of an interest-only loan program that may
be outside of the borrower's control? - Answer Declining market values may cause the
loan balance to become higher than the value of the property.
Select three. Freddie Mac's Home Possible program is targeted toward: - Answer
Select two. A housing grant is a specific dollar amount given by: - Answer - The
government
- A bank or other financial organization
Bob and Lou are purchasing their first home and paying sale price of $135,000. Their
primary mortgage company is providing financing for both the $108,000 first mortgage
and the $20,250 second lien. The balance would be paid cash down payment. What type
of combination would that be? Answer 80-15-5
Chris and James Jones are first time homebuyers and have minimal assets to use as a
down payment. They have been working with a real estate agent and have located a
home they wish to purchase located in Broward County, Florida. The sales price is
$125,000. What is the Upfront MIP based upon maximum financing? Answer $2,110.94
Select three. Which of the following sources are buydown funds generated from? -
Answer - Employer
- Borrower
- Builder
_______ were one of the first options to come along that deviated from fixed-rate
mortgages and gave borrowers a method of reducing monthly mortgage payments
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