FHA Loans Worksheet

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

• 3.5%

• 5%

• 10%

• 20%

FHA loans are insured by which federal agency?

• Federal Housing Administration (agency of HUD)

• Federal Reserve Bank

• Department of Veterans Affairs

• Federal Deposit Insurance Corporation

What is the maximum allowable term for an FHA loan?

• 30 years

• 15 years

• 20 years

• 40 years

FHA loans have no income limits and no maximum mortgage amount.

• True

• False

Which of the following is NOT one of the 5 C's of underwriting?

• Character

• Collateral

• Capacity

• Credit

• Convenience

What is the maximum late charge for FHA loans, and when does it apply?

• 4% of P&I only, after 15th of each month

• 5% of total payment, after 10th of each month

• 3% of P&I only, after 20th of each month

• 6% of P&I only, after 30th of each month

What is the maximum seller concession allowed for FHA loans?

• 6%

• 3%

• 10%

• 2%

For FHA loans, what is the minimum credit score required for a 3.5% down payment?

• 580

• 500

• 620

• 700

FHA loans can be assumed, subject to approval from the loan servicer and HUD.

• True

• False

What does UFMIP stand for in the context of FHA loans?