Government Insured FHA Program
True
Condominium loans are common in Florida. T or F?
Federal Housing Administration
FHA stands for _________.
Housing and Urban Development
HUD stands for ________.
1960s
HUD took charge of the FHA insurance in the __________.
31%
In a FHA insured loan the housing expense ratio cannot exceed ________.
1/2 of 1% Monthly
In addition to the UFMIP the borrower is required to pay a premium which is __________ of the loan balance calculated annually and paid _______. (MIP).
Residential 30
The FHA 203b program is for ________ homeownership (up to 4 units) with a ________ year fixed mortgage rate.
1.5 %
The FHA UFMIP costs ________ of the loan amount.
251 ARM
The FHA ______ program is similar to the 203b program but it is based on a ________.
234
The FHA ________ program is insurance for condominium loans.
203b
The FHA ________ program was first and most common program available.
False, The FHA doesn't lend money but does insure loans.
The FHA lends money and doesn't insure loans on the event the borrower defaults. T or F?
1934 Recovery Economic Depression
The FHA was created in _______ to assist in the _______ of the nations second worst _________.
Upgrade Improve Standards Lending
The FHA was designed to _______ and ________ housing ________ and to establish sound _______ practices.
Interest Market
The _________ rate is set by the _________ in an FHA program.
Primary Mortgage Market
The _____________ originates FHA insured loans.
PITI / Monthly Gross Income
The housing expense ratio is ____________.
Stimulate New Homeownership Greater Residential
The purpose of the FHA is to ________ construction of ________ homes and __________ by encouraging lenders to release _______ amounts of funds for financing _________ homes.
43%
The total obligations ratio cannot exceed ______ in an FHA insured loan.
PITI+Other Payments/Monthly Gross Income
The total obligations ratio is ___________.
assuming qualify
Today all FHA loans require person(s) _________ mortgages to _________ as if they were a new buyer.
12/1/1986
Up until _________ all FHA loans could be assumed without qualification.
