Loan Programs Quiz Attempt #4

VA loans in Georgia cannot be made by which of the following?

Loans that do NOT meet Fannie Mae or Freddie Mac’s guidelines are known as?

Which of the following is true regarding the nature of a conventional loan?

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

What does PMI(Private mortgage insurance) purchased by a buyer include?:

Government loans can be guaranteed or insured by ___

Getting a mortgage loan which is in second position to your first mortgage is considered to be

A _____ loan is used to calculate PMI of $220,000 home with a $28,600 down payment.

When a borrower falls behind, the next step is refered to as:

The way a lender would classify getting new loans is

The type of loan that will most likely have the lowest loan-to-value ratio is not known by:

Which statement is correct about qualifying ratios?

The borrower makes only interest payments in a loan known as

Which of the following has to happen for one to become “pre-qualified” for a loan?

Which of the following is the short-term interim loan for financing the cost of construction?

A _____ can be used by elders when using the equity of your home to stay in your home.

An example of a loan that is not federlly related would be:

When a lender discloses whether or not they will service a loan, they do so in the ____

When insuring or guaranteeing government loans, who is able to do this?:

Which of the following best describes the limitation of how much an ARM may adjust over a six month period, annual period, and over the life of the loan?: