conventional,FHA and va loans UNIT EXAM

What maximum percentage of a VA loan is guaranteed?

25%

David is an active duty member of the U.S. Air Force. Assuming he and the property meet the qualifications, which type of mortgage may be the best option for him?

A VA-guaranteed loan

Rhonda and her husband filed for bankruptcy five years ago. They want to purchase a new house but don't have the best credit score. They've decided to buy the home using an FHA loan. Which of these is a true statement?

A minimum down payment of 3.5% is required.

Lauren obtained a loan that's insured and that only required a down payment of 3.5%. Which of these is most likely the type of loan Lauren has?

FHA

Which type of FSA loan program is serviced by commercial lenders?

Guaranteed loans

Which entity insures VA loans?

No entity, because they are guaranteed by the U.S. Department of Veterans Affairs

Which type of RD loan program helps low- and very low-income applicants obtain decent, safe, and sanitary housing in eligible rural areas?

Single Family Housing Direct Home Loans

Which type of RD loan program provides eligible applicants with the option to build, rehab, improve, or even relocate a dwelling in an eligible rural area?

Single Family Housing Guaranteed Loan Program

Which of the following is a true statement about U.S. Department of Veterans Affairs loans?

The loan that's guaranteed will be based on either 100% of the sales price or 100% of the CRV, whichever is less.

The Farm Service Agency (FSA) is an agency of which U.S. department?

department of agriculture

Which type of FSA loan program is serviced by the FSA, but uses government money?

direct loans

Which of these provides some protection to lenders in the event that the borrower obtaining a conventional loan does not have a down payment of 20 to 25%?

private mortgage insurance