A prospective homebuyer is interested in a home that will have a PITI payment of $1,800. His gross monthly income is $7,600. What is his front-end ratio?
A CALVET/VA loan differs from other CALVET loans in that it can be obtained:
After a borrower pays off a CALVET loan by:
"It is now operating under a conservatorship" describes:
A veteran is purchasing a home under the California Veterans Farm and Home Purchase Program. Who would be designated the grantee in the grant deed given by the seller?
With a monthly gross income of $3,800, loan payment (PITI) of $1,142, and long term monthly debt obligations of $340, the back end ratio would be:
Which of the following loans is not available for the purchase of a farm?
A broker aided a buyer in the preparation of fraudulent income statements in order to qualify for a bank loan. This would:
Which of the following is an open-end loan?
CALVET loans are made from:
A broker should direct a buyer on an offer contingent on an FHA loan to:
Mutual savings banks are located primarily in the __ part of the United States.
A veteran wishes to refinance her home with a VA loan. The lender is willing but insists on 31/2 points.
Which of the following is not a general characteristic of loan broker-arranged secondary financing?
Insurance companies, in givin real estate loans:
Which of the following is corect?
When are the premiums paid on the insurance for an FHA loan?
A borrower obtained a haft-million dollar home purchase loan at a low rate without a down payment. He likely went to:
The function of Ginnie Mae do not include:
A lender who sells the loans it makes is likely:
A seller insists on $280,000 as a sales price. The buyer can obtain an FHA loan of $270,000 but has only $6,000 down. The broker should:
FICO refers to:
A borrower has a gross monthly income of $3,400. The borrower wishes to obtain a loan in which the mortgage payment including taxes and insurance will be $950. The borrower is making long term debt payments of $350 per month. The back-end ratio would be:
In evaluating a man's income for a loan, the least weight would be given to:
In considering the liquidity of its mortgage portfolio, a lender would be realating to:
The lender's best protection would be:
Rental housing loans are available through:
A borrower did not have a sufficient down payment for an FHA loan. The broker loaned the buyer $1,000 on a personal note in order for the buyer to complete this transaction. This loan:
A construction loan would most likely be made by:
The amount of a VA loan is limited to:
A lending institution might make a government-insured or goverment guaranteed loan rather than a conventional loan at higher interest because of:
Their loans are all variable rate. What agency is this?
FHA mortgage insured loans are made by:
Disintermediation refers to:
As to loan brokers, which of the following is true?
Which loan is available for registered domestic partners?
The source of money for most home loans by institutional lenders is:
The highest interest rate is most likely to be charged by:
Which of the following is not a characteristic of VA loans?
A buyer was able to get down payment assistance as well as a below market rate of interest. Where did she obtain this loan?
Which of the following is true?
A low loan to value ratio would be indicative of:
Title I FHA loans:
Which type of property has the highest loan-to-value ratio?
An advantage of FHA financing to the buyer is:
Life and disability insurance must be purchased by a borrower under a(n) ___ loan.
Which of the following is not a description of FHA loans?
Both FHA and VA loans cover:
On a $45,000 loan, the VA guarantee would be:
An advantage of FHA financing is not that it:
If appraisal on a VA loan is less than the purchase-price agreement:
William, whose credit is good, wants to buy a small business. He is a good customer of the bank where he heeps his account. The business he wants to buy is a reasonable one to make money. Who will most likely be the lender?
The primary advantage that an FHA loan offers to an institutional lender over a conventional loan is:
Albert lost his job but his house payments were made for him because he had a:
In buying a home for rental use, a borrower would not obtain:
A substantial down payment in real estate:
A lender on a note signed by multiple borrowers would prefer that their liability be:
As to mortgage brokers and mortgage bankers, which of the following is true?
A number of people wish to invest money only in a real estate project but wish to limit their liability. They would form a:
Under federal law, a real estate trust must have:
Title is held under a CALVET loan by:
A borrower has a gross monthly income of $3,400. The borrower wishes to obtain a loan in which the mortgage payment including taxes and insurance will be $950. The front-end ratio would be:
A prospective homebuyer is interested in a home that will have a PITI payment of $1,800. His gross monthly income is $7,600. The buyer has long term debt payments of $1,420 per month. What is his back-end ratio?
The major purpose for which the Federal National Mortgage Association (FNMA) was created was to:
In California most of the real estate syndicates are:
A loan-t0-value ratio is best described as:
A government agency that issues mortgage-backed securities would be:
The government is actually the lender of:
An advantage of a government-insured loan compared with a conventional loan would not be a:
An insurance company is least likely to make a loan on a(n):
Who pays for Mutual Mortgage Insurance?
The property is usually in close proximity; small loans and business loans are preferred; and the past record of the customer is important. What type of lender does the preceding description represent?
As a general rule, the difference between individual and institutional lenders is that individual lenders:
The term impounds refers to:
A CRV would be needed for a(n) ___ loan.
A mortgage loan correspondent would be regulated primarily by:
A buyer wishes to obtain a loan on a house and assume the bonded indebtedness. Which of the following would be true?
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