FHA Loans
For Alaska, Hawaii, Guam, and the U.S. Virgin Islands, limits are adjusted to account for a higher cost of living. These areas are referred to as _______
"special exception areas,"
FHA loan limits are divided into lower-cost areas, referred to as ______ and high-cost areas, referred to as ______
"the floor," and "the ceiling."
The amount of UFMIP is ___& of the base loan amount
1.75%
a mortgage must be made by an FHA-approved lender and the amount of the mortgage must be the lesser of:
115% of the median house price in an area, or 150% of the national conforming loan limit of $548,250
Seller concessions for FHA loans are limited to_____ of the sales price.
6%
MIP is limited to 11 years when the original LTV ratio for the loan is less than or equal to:
90%
MIP is required throughout the full loan term when the LTV ratio is greater than
90%
FHA loan benefits
Low down payment, fee limits on closing costs (cannot be more than 1% loan amount) more lenient underwriting requirements
Standards, requirements, and policies for FHA loans are compiled in HUD's ________ Handbook
Single Family Housing Policy Handbook
Borrowers cannot secure an FHA loan without paying:
Upfront Mortgage Insurance Premiums (UFMIPs), and Annual Mortgage Insurance Premiums (annual MIPs)
The Federal Housing Administration does not make, buy, or sell loans; it ____ loans.
insures
HUD uses ______ to announce changes in policy.
mortgagee letters