Loan Programs Quiz Attempt #3

VA loans in Georgia cannot be made by who:

Loans are called non-conforming only:

Conventional loan nature:

The seller carries a portion (or sometimes all) of the loan for the buyer, under which financing method?

What does PMI (private mortgage insurance) purchased by a buyer not include?:

Loans guaranteed or insured by the Federal Housing Administration, the Department of Veterans’ Affairs, and the Rural Housing Service are _____________

Choose the incorrect statement about qualifying ratios

Using the equity of your home to borrow against is called

A lender in Georgia calculates the PMI of a $220,000 home with $28,600 down payment with a ____ loan.

What goes into effect when a borrower falls behind?

The process of getting new loans is referred to as _________ by the lender.

The type of loan that will most likely have the lowest loan-to-value ratio is not a(n):

A loan in which the borrower makes only interest payments is called a(n)

Which of the following most accurately descibes how an individual becomes “pre-qualified”?

The short-term interim loan for financing the cost of contruction is the ______ ?

Of the following, which loan would an elder get when using the equity of their home to say in their house?:

A loan that is not federally related would be:

A _____________ is the statement in which a lender discloses whether or not they will service the loan.

Which of the following can guarantee or insure government loans?:

The limitation of how much an ARM may adjust over a six month period, annual period, and over the life of the loan is known as: