FHA: The Basics- Test your knowlege Part 2

11) FHA allows the seller to pay a maximum of 6% seller contribution towards closing costs and pre-paids.

True or False

12) The monthly mortgage insurance (M/I) for a maximum financed FHA loan on a 30 year term is 1.15%.

True or False

13) Unlike VA and USDA, FHA does not charge a funding fee.

True or False

14) FHA only charges a monthly mortgage insurance premium of .50% for loans of 15 years and less.

True or False

15) The number one issue that slows down the appraisal process is the failure of the agents to make sure the power and water is turned on.

True or False

16) FHA does not allow the following item(s) to be included or listed in the contract and sales price:

A)Refrigerator     B)Lawn Mower     C)Chandelier     D)Stove     E)C&D     F)A&B

17) FHA loans are ASSUMABLE.

True or False

18 ) Some FHA loans can be refinanced without the need for an appraisal.

True or False

19) If the borrower who is obtaining an FHA loan changes lenders in mid process, the new lender MUST get a full appraisal.

True or False

20) Due to ordering/obtaining case #'s, FHA loans take longer to close than conventional loans.

True or False


Answers:
11)True     12)False(1.25%)     13)False(1.75%)     14)True     15)True     16)F     17)True     18)True     19)False (appraisal must be transferred with case #)     20) False

FHA: The Basics- Test your knowledge!

1) What is the name of FHA's most popular loan program?

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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