unit 17 exam

Your client, Ray, wants to purchase a home listed for $200,000. The home is in a revitalization area, and Ray can purchase it under the Good Neighbor Program. How much will he have to pay for the home?

$200,000, less 50%, plus $100

Your client, Judy, with a credit score of 620, has been approved for an FHA loan for a home with a sales price of $200,000. What is the minimum down payment that will apply?

200000*.035=$7,000

Homeowners over the age of ______ are eligible for the HECM program.

62

What is the HECM program?

A form of reverse mortgage insured by the FHA

Which of the following individuals would qualify to purchase a home under the Good Neighbor Program?

An emergency medical technician

Which of the following is a true statement about HUD's Good Neighbor Program?

It allows qualified individuals to buy a home at a 50% discount.

Your client, Yolanda, is a nurse. Does she qualify for the Good Neighbor Program?

Not unless she is also an EMT

Which of the following is a significant drawback to an FHA loan as compared to conventional financing?

Required mortgage insurance must remain in place for the life of the loan.