RE: Types of Government Loans
Refinancing to a conventional loan
Annual MIP can be removed from an FHA loan by ______.
Title II, Section 203(b)
Beverly has applied for a loan to purchase a Craftsman-style home for herself and her teenage son. Her mortgage broker helps her find an FHA loan program that accommodates her low down payment. Which program will serve Beverly's needs?
31%
Borrower qualification requirements for an FHA-insured loan are a total housing expense at or below ____% of gross monthly income and total debt obligation (including housing expense) not more than 43%.
Title II, Section 203(n)
Dana and Phil have evaluated their situation, and have decided to purchase a unit in a cooperative housing project. Which FHA loan program might work for them? The FHA has a program specifically for the purchase of a unit in a cooperative housing project
Native Americans living on tribal land
Special mortgage loan programs for ______ include the FHA248 and HUD 184 programs.
Victims of a presidentially declared disaster
The FHA Section 203(h) program assists ______ with an insured mortgage.
The introduction of the long-term amortized loan
The FHA has helped to significantly improve the mortgage market through ______.
The FHA
was created in 1934 to stabilize the mortgage market by standardizing credit and construction standards.
Title II
FHA offers a program for loan insurance on adjustable-rate mortgages under ______ of the National Housing Act.
Get conventional financing
How might a borrower avoid paying the mortgage insurance premium required by an FHA loan?
Participate in the direct endorsement program
Lenders who ______ can underwrite and approve FHA loans without requiring the FHA to review each borrower's qualifications.
Reverse
Section 255 of the Title II FHA-insured loan program covers ______ mortgages for borrowers age 62 or older.
First-time homeowners
The Homeownership Voucher Assistance program is available to ______ to help pay monthly homeownership expenses.
The base loan amount
The upfront MIP on an FHA loan is calculated on ______.
Home Equity Conversion Mortgage (HECM)
What loan program is only available to homeowners who are 62 or older? Insured by the FHA, is the most popular form of reverse mortgage available for seniors.
Homeownership Voucher Assistance
What program is aimed at first-time homebuyers?
Title I, Property Improvements
What title is this? Moderate rehabilitation of properties, such as alterations, repairs, and site improvements on single-family homes
Title I, Manufactured Housing
What title is this? Purchase of a manufactured house on a developed lot, development of a lot for a manufactured home, or a combination of the two
Title II, Section 234(c)
What title is this? Purchase of a single condominium unit
Title II, Section 203(b)
What title is this? Purchase of one- to four-family homes
Title II, Section 223(e)
What title is this? Purchase or rehab of a home in an older, declining urban area
Title II, Section 203(h)
What title is this? Reconstruction in a disaster zone
Contribute up to 6% of the sales price
When a buyer obtains an FHA loan, the seller may ______.
Are somewhat less stringent than standards for conventional loans
Which of the following is true about the Federal Housing Administration's qualifying standards for a mortgage loan?
Set construction standards for homes purchased with FHA loans
Which of these items did the Federal Housing Administration (FHA) implement to stabilize and improve the mortgage market?
