F4: Additional Gov't Influence in TX Study Sheet

Which of the following programs is NOT a HUD program?

• Federal Housing Administration (FHA)

• Native American Housing

• Fannie Mae

• Ginnie Mae

Which of the following is NOT an agricultural lending program?

• Farmer Mac

• USDA Rural Development Program

• Farm Credit System

• Ginnie Mae

When must the loan estimate be delivered by the lender to an applicant?

• within seven business days of application

• within three business days of application

• within three business days prior to consummation

• within seven business days of consummation

When must the closing disclosure be provided to a consumer?

• within seven business days of application

• within three business days of application

• within three business days prior to consummation

• within seven business days of consummation

Which of the following is NOT on a loan estimate?

• Loan terms

• Summary of borrower and transaction details

• Costs at Closing and closing details

• Projected payments

What is the purpose of the closing disclosure?

• provide the final details related to closing and mortgage loans

• provide estimates of costs at closing including interests rates

• provide all of the final contractual paperwork for the home

• provide a protection for the agents

This act was created in Texas as a result of the Dodd-Frank Wall Street Reform Act of 2008 which ensures loan originators have licensing requirements and are licensed to provide services.

• T-SAFE

• TX Administrative Procedures Act

• My First Texas Home

• Texas Mortgage Credit Certificate

Which of the following is NOT apart of the TX Dept of Housing and Community Affairs to assist home buyers?

• T-SAFE

• My First Texas Home

• Texas Mortgage Credit Certificate

• Texas Statewide Homebuyer Education program

This Texas program provides up to 5% of first lien mortgage amount that can be used for down payment and closing cost assistance. It is only for veterans and first-time home buyers.

• T-SAFE

• My First Texas Home

• Texas Mortgage Credit Certificate

• Texas Statewide Homebuyer Education program

This Texas program provides entitles you to a dollar-to-dollar reduction on federal tax liability. It is only for veterans and first-time home buyers.

• T-SAFE

• My First Texas Home

• Texas Mortgage Credit Certificate

• Texas Statewide Homebuyer Education program