FHA | Potpourri | VA | USDA | Matematicas |
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What is HUD?
This governmental department issues regulations and establishes guidelines for approving lenders authorized to make FHA loans.
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What is FHA?
Not to be confused with PMI for conventional loans, MIP is required for all of these types of loans, regardless of down payment.
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What are Automatic Endorsers?
Lenders that have authority to close VA-guaranteed loans without prior approval of the VA.
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What are Rural Development programs?
These USDA loans are also referred to as this.
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What is $4,270?
This dollar amount would qualify for the minimum down payment on a $122,000 FHA loan.
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What is FHA Direct Endorsement Lender?
Lending institutions that are authorized to underwrite and close mortgage loans without prior submission for FHA review or approval.
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What is 1.75%?
UFMIP is charged in this percentage amount for 15- and 30-year purchase and refinance transactions under FHA loans.
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What is Certificate of Eligibility?
Lenders may not process or close a VA loan without this document.
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What is 35,000?
The definition of rural is up to this number of inhabitants.
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What is $1750?
This amount would cover UFMIP on a $100,000 loan.
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What are the 4 C's of underwriting?
Credit history of the borrower, capacity to repay the loan, cash assets in the bank, and collateral (which evaluates the value of the home).
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What is 11 years?
MIP drops off of FHA loans at this point of a 30-year term loan when LTV is 90% at time of closing.
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What is basic entitlement?
$36,000
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What is 115%?
Applicants for Section 502 loans may have an income of up to this percentage of the AMI.
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What is $1240?
A customer with $4000 monthly income would qualify for this housing expense ratio for an FHA loan.
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What is 31% and 43%?
These percentages represent the housing expense ratio and total debt-to-income ratios for FHA.
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What is None?
What is the maximum prepayment penalty on a FHA loan?
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What is 41% and 41%?
This is the front-end and back-end ratio for VA loans.
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What is Area Median Income?
Applicants for Section 502 loans must meet certain income requirements based on this.
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What is $1775?
Jane's gross monthly income is $5000, with total recurring debts of $275, and her maximum PITI payment for VA loan is this.
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What is CAIVRS?
This federal database of delinquent federal debtors allows federal agencies to reduce the risk to federal loan and loan guarantee programs.
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What is 10%
If a borrower's credit score is between 500-579 on FHA, this percentage of down payment is required.
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What is entitlement based on?
Rank and length of service.
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What is 1%?
Based on the loan size, the upfront fee paid on closing for USDA mortgage insurance rates is this percentage.
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What is $57,500?
This is the maximum amount of gross annual income that Jack can earn and qualify for using USDA financing if the AMI is $50,000?
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