RE Finance FINAL
Which of the following is Fannie Mae most likely to purchase?
A conventional fixed-rate mortgage issued by a commercial bank
There are 3 types only international buyers: those who have work visas and are looking for a home to purchase while they're in the U.S., those who are looking for a vacation home in the U.S., and those who are looking for ____.
A luxury home to purchase as an investment.
Which act made some mortgage insurance premium deductions available to certain taxpayers?
American Taxpayer Relief Act of 2012.
Which of these HUD programs allows mortgage lenders to obtain a better price for their mortgage loans in the secondary mortgage market?
Ginnie Mae
Why did investors purchase CMOs prior to the 2007 financial crisis?
Housing price appreciation appeared to be a sure thing.
Kendra is purchasing a home and is ready to find a lender who will give her terms that she can afford. She has done her homework and knows that she can use ___ to compare loans and find the one that will best meet her needs.
Loan Estimate
Chris and Nick hope to qualify for an FHA Loan. Their lender calculates their housing ratio as 33% and their total debt obligation as 43%. Their credit score is 620. Do they qualify under FHA underwriting guidelines?
No, they don't meet the housing ratio requirement. (Exceeds 31%)
Joe works for a life insurance company that funds commercial investment projects and often insures these projects by insisting on an equity position. What type of financing does this describe?
Participation
Which of the following is a piece of general data an appraiser may gather?
Population size
What type of investment strategy is most similar to a 1031 tax-deferred exchange?
Rolling over funds from one IRA into another.
Which of the following was created as a result of the Housing and Economic Recovery Act?
The Federal Housing Finance Agency
Kendra has applied for a loan from Acme Savings and Loan, but when she compares the Loan Estimate the loan officer gave her with the one from Best Bank, where she also applied for a loan, she decides she'd rather go with the loan from Best Bank. Which of the following is a true statement about this situation?
The Loan Estimate expires in 10 business days if Kendra doesn't tell Acme Savings and Loan that she wants to move forward with it.
How is a loan assumption identified?
The buyer and seller both sign an assumption agreement.
Which of the following is true about national lending institutions?
They all sell packages loans to investors.
How does the VA qualify a Property for a VA-guaranteed loan?
Through a VA-approved appraiser
Buyers Romy and Steven are looking over closing documents and don't know if the Loan Estimate matches everything on the Closing Disclosure. Usually, the amounts shown on the Closing Disclosure that don't exactly match the figures on the Loan Estimate will be due to ___.
Updates to reflect the terms of the borrower's legal obligation when the loan closes.
Which veteran loan program offers qualified veterans help with the purchase of their primary home?
Veterans Housing Assistance Program