F9: Government Loans

In mortgage lending, what do the letters FHA Stand for?

• First-time Homebuyer Association

• Federal Housing Assistance

• Federal Homebuyer Association

• Federal Housing Administration

• Federal Housing Association

What is the minimum down payment percentage for an FHA loan?

• 3.5%

• 0%

• 6%

• 4%

Which of the following is NOT a borrower's income and credit qualifications requirement for a FHA loan?

• Housing ratio 31%

• Total debt obligation 43%

• credit score min of 500; 620 preferred

• debt-to-income 41%

How much may a seller pay in the buyer's closing costs?

• 6%

• 3.5%

• 4%

• all

Which of the following is NOT a benefit of a VA Loan?

• No down payment required

• No credit check

• Low closing costs

• No mortgage insurance requried

Which of the following is NOT an eligibility requirement for a VA loan?

• Only on active duty

• COE

• character of service

• Must have sufficient income and credit

Which of the following is NOT a qualifying calculation for a VA Loan?

• debt-to-income 41%

• residual income

• Down payment

• No credit score

An assigned VA-appraiser will create this and the VA will not guarantee a loan amount above this.

• Certificate of Reasonable Value

• Certificate of Eligibility

• Debt-to-Income ratio

• Credit Score

Which of the following is NOT an FHA loan program?

• Title I Property Improvements

• Title I Purchase of Manufactured Home

• Title II Programs

• Cash-Out Refinancing

This is a special program that allows for a deduction due to energy efficient homes.

• Energy Efficient Mortgage

• Home Equity Conversion Mortgage

• Disaster Relief

• Homeownership Voucher Assistance