Non conventional loan - Study guides, Class notes & Summaries
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Champions School of Real Estate - Real Estate Finance Latest Update Rated A+
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Champions School of Real Estate - Real 
Estate Finance Latest Update Rated A+ 
 
A loan unable to be sold to Fannie Mae or Freddie Mac (i.e. A sub-prime loan) Non- 
Conforming Loan 
 
VA Veteran's administration - assists veterans in the purchase of housing by guaranteeing 
loans) 
 
Seller's equity Cash price minus the loan balance 
 
A clause often found in a blanket loan allowing the borrower to obtain partial releases of specific 
lots by making required lump sum payments. Release Clause 
...
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Virginia Final Exam Questions with Correct Answers 2024
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to market conditions and their internal needs and objectives. It should be noted that the terms 
of mortgages bought and sold cannot be changed by the new note holders. 
Which of the following is considered a conventional loan? 
A. FHA insured 
B. VA guaranteed 
C. Commercial bank's 15 year loan 
D. Contract for deed - answerC. Commercial bank's 15 year loan. Though 30 year loans are 
more common, 15 year loans are considered standard, conventional loans. Options A and B are 
part of various g...
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National Real Estate Exam Prep Chapter 7 (Champions School of Real estate) Rated A+
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National Real Estate Exam Prep Chapter 
7 (Champions School of Real estate) 
 
Rated A+ 
 
Conventional loan a loan that is neither federally insured nor guaranteed 
 
Non-conventional loan mortgage loans through three agencies: 
The federal housing Admin. 
The US dept of Veteran Affairs 
US Dep. of Agriculture 
 
contract for deed (installment contract) seller financing and buyer does not get deed until the 
property has been paid for in full 
 
Mortgage Pledge of real property as a security fo...
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XINNIX FLIGHT SCHOOL EXAM WITH CORRECT ANSWERS
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XINNIX FLIGHT SCHOOL EXAM WITH CORRECT ANSWERS 
The rate lock period for a refi, with a right of rescission, must be long enough to cover the rescission period. 
True 
 
 
How long does a borrower have to wait to buy a home after they have had a foreclosure? FHA 
3 years 
 
 
What are the steps you should follow to determine the correct MI? 
LTV, term, product type, occupancy type and coverage. 
 
 
Typically, files that have to be manually underwritten are subject to less strict guidelines. 
Fa...
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NMLS Safe Test Mortgage Licensing Practice Exam with 100% correct answers 2022-23
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Which federal law requires that the Loan Estimate be provided to the borrower within 
three business days of the time of loan application is taken? - ANSWER-TILA 
What type of scam entails homeowners who are encouraged to refinance their property 
over and over until little or no equity remains? - ANSWER-Loan flipping or churning 
After a loan closing, funds are disbursed. When are the funds disbursed for an owneroccupied, residential refinance? - ANSWER-After 3 business-day rescission period 
W...
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Xinnix Final Exam Questions With Correct Solutions, Already Passed!!
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After the borrower submits a complete loan application, the LE must be delivered or placed in the mail 
within how many days? - 3 business days 
A program description contains the summary of eligibility requirements for a loan to be sold to a specific 
lender/investor. - True 
A borrower purchased a home on January 15th and is moving in on March 2nd. How many days from 
purchase to move in? (For non-leap years only) - 46 days 
1. Gross rent may be considered effective income when an applicant is...
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Gold Coast Chapter 13:questions n answers graded A+ 2024/2025
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Gold Coast Chapter 13: 
Although there are a number of different methods for repaying a loan, there are only 3 types of mortgages: - correct answer FHA insured; 
 
VA guaranteed; 
 
And conventional. 
 
FHA insured mortgage loans: - correct answer The Federal Housing Administration (FHA) is a part of the U.S Department of Housing and Urban Development (HUD). ***The FHA DOES NOT make loans. Instead, it insures loans made by approved local lenders. The loan is funded by a lending institution, su...
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Xinnix SOAR Final Exam Questions and Answers 100% Pass
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Xinnix SOAR Final Exam Questions and 
Answers 100% Pass 
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 - Answer- true 
Agency loans include FHA and VA loans - Answer- true 
the proceeds of a loan for cash out refinance may be used by the borrower to in...
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NYREI Exam Prep Exam Latest Version 2024/2025 Expert-Verified Q&As
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A "Rule" that says an informed buyer will not pay more for one home than a comparable one is - 
Substitution 
A borrower pays off his loan. However, the lender refuses to cancel the mortgage. Which of the 
following clauses of a mortgage has the lender violated? - Defeasance clause 
(A defeasance clause states that when the loan is paid, the mortgage is void. The bank's failure to cancel 
the mortgage of record is a violation of this clause. The habendum clause is the "to have and to hold" ...
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Xinnix SOAR Final Exam Questions and Answers 100% Pass
- Exam (elaborations) • 55 pages • 2024
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Xinnix SOAR Final Exam Questions and 
Answers 100% Pass 
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 - Answer- true 
Agency loans include FHA and VA loans - Answer- true 
the proceeds of a loan for cash out refinance may be used by the borrower to in...
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