A) 203b B) 403k C)203k D)401k
2) What is the maximum loan limit for our surrounding counties?
A)$269,500 B)$283,900 C)$271,050 D)$275,150
3) What is the minimum down payment FHA will allow?
A)3% B)3.5% C)3.75% D)2.5%
4) FHA has a MAXIMUM income limit the borrower's can make?
True or False
5) Which of the following down payment options does FHA allow?
A) Borrowed funds/secured loan B) Grant from non-profit organization C) Gift from family member D) All of the above
6) FHA has a minimum credit score of 620.
True or False
7) What is FHA's maximum debt ratio per their stated guidelines.
A) 29% B) 38% C) 40% D) 43%
8 ) FHA will make exceptions to the above guidelines.
True or False
9) Without extenuation circumstances, you must wait how long after bankruptcy before obtaining an FHA loan?
A) 1 year B) 2 years C) 3 years D) 7 years
10) Without extenuating circumstances, you must wait how long after a foreclosure ore deed-in-linu of foreclosure before obtaining an FHA loan?
A) 3 years B) 2 years C) 5 years D) 7 years
Answers:
1) A 2)C 3)B 4)False 5)D 6) False 7)D 8)True 9)B 10)A
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