Deed answer the le - Study guides, Class notes & Summaries

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% ...

What documents are commonly referred to as the "Borrower's Disclosures"? - ANSWER Uniform Residential Loan App, or 1003 HUD/VA Addendum (only for these loans) USA Patriot Act Customer ID Verification Borrower's Certification Authorization IRS Form 4506-T IRS Form W-9 Uniform Residential Loan App - ANSWER Also referred to as the 1003 by lenders Requires initials on every page and several signatures "Loan officer" or "Loan originator" name/info is here; make a note of it before y...

When property changes hands, the deed is recorded. There's a fee for recording, so why would anyone choose to pay this fee? - (answer)-It puts the public on notice regrading ownership. Which of these is NOT an example of price fixing? - (answer)-Jake's firm agrees to charge all clients a listing commission of between 2% and 2.5% To Make Valid Computations of adjustments for the sales comparison approach to value, elements of comparison must be applied in a specific order. Which of these ...

Prequalification - ANSWER-an estimate of the loan amt. for which the buyer can qualify based on his income/credit under the lender’s standards USDA ratio - ANSWER-29/41 FHA ratio - ANSWER-31/43 Asset based loan - ANSWER--loans based on borrowers’ equity -bad when lenders fail to consider ability to repay High Cost Loan - ANSWER-Reg Z - Sec. 1026.32 -APR will exceed by more than 6.5% for first lien loans or by more than 8.5% for subordinate -APOR - average prime offer rate 1. ...

Fraud for money Laundering - ANSWER--Criminal uses scheme known as value tampering -Criminal offers to buy house at reduced rate -Seller must sell at appraised value on paper, but after closing, seller give the criminal the difference in cash. Adverse Action - ANSWER-An unfavorable credit decision rendered against a consumer made on the basis of information contained on the credit application. If a lender takes adverse action against an applicant, the lender must notify the applicant in ...

Which of the following is not one of the new disclosures required under TRID? The LE The Adverse Action Notice The CD The home loan toolkit - ANSWER-The Adverse Action Notice Agatha wants to purchase two discount points, and there are two origination points on her loan. The sales price of the property is $150,000, and she is putting 10% down on the property. How much are the discount points and origination points going to cost her? - ANSWER-$5,400 A lender services a large metropolitan ...

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. - Correct answer-False YTD paystubs will be requires from a borrower that is self-employed (schedule C) - Correct answer-False A borrower requesting a jumbo loan will qualify for an agency loan - Correct answerFalse Trailing spouse income can be used for qualifying purposes. - Correct answer-False The follow...