Finance 5
FHFA (Federal Housing Finance Agency)
-establishes percentage targets for loans made to low- to moderate-income borrowers -sets conforming loan limits for mortgages
quitclaim deed
A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest.
USDA Rural Development Single Family Loan Program
Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant's repayment ability.
Municipal Bond
An industrial development bond is a variety of ______ bond.
She can cure the default and reinstate the loan
Andrea's lender has notified her of its intent to foreclose. Her loan is secured with a deed of trust. What rights does she have to redeem her property?
General Data
Data gathered by and appraiser related to the area where the property is located, not the property itself.
HUD repossessed homes
FHA financed homes that have been repossessed by HUD due to foreclosure. These homes are quickly sold at market value to recover loss.
title search
Leslie has applied for a loan modification. As part of the process, her lender will likely ______.
Savings accounts
More than 70% of the assets of mutual savings banks are derived from ______.
Veterans Home Improvement Program (VHIP)
Offers Texas veterans up to $25,000 for a 20-year loan, or up to $10,000 for a 10-year loan to complete repairs or home improvements on their current home
Veterans Land Program (VLP)
Offers qualified veterans help with the purchase of land in Texas
Online Banks
Stacy is opening three savings accounts as part of her personal financial plan. What would be a recommended option for finding low fees and higher interest rates?
Truth in Lending Act
The ______ requires specific disclosures and was enacted in 1968 as part of the Consumer Credit Protection Act.
Projected payments section of loan estimate
The estimated breakdown of each monthly mortgage payment, including any items that will be included in escrow
Discount rate
The interest rate on the loans that the Fed makes to banks
Pass through taxation
The taxation method where the owners pay taxes on all business profits on their individual tax returns (the business income "passes through" the business to the owners' tax returns). Used by sole proprietorships, partnerships, and limited liability companies.
Veterans Housing Assistance Program (VHAP)
This program allows a Texas veteran to buy a home in Texas with low interest and little or no down payment.
Not be delinquent on mortgage payments
To qualify for the FHA Streamline Refinance program, a homeowner must ______.
No, investors can't assume FHA Loans
Trixie purchased her one-bedroom beach cottage in 1992 with an FHA loan. Now she's selling it, and the buyer wants to assume her loan. The buyer intends to rent the cottage to vacationers. Will the FHA allow this buyer to assume Trixie's loan?
Specific data
Type of data collected by and appraiser regarding the property itself
Residential Properties (not commercial)
What property type does Fannie Mae primarily deal with and purchase?
That any issues that arose in the previous title search have been resolved
Which assumption does the Torrens system make?
Millenials
Which generation financed their homes due to also having other debt obligations?
Falling home prices, subprime lending
Which of the following led to the 2007 financial crisis and negatively impacted investors that purchased properties in the early 2000s?
The Federal Housing Finance Agency FHFA
Who sets conforming loan limits for mortgages?
Roth IRA
With this IRA, withdrawals of contributions are tax-free.
Texas Veterans Land Board (VLB)
a division of the General Land Office of Texas that administers three programs to assist Texas veterans in purchasing a principal residence and/or land and in financing home improvements
Federal funds rate
the interest rate banks charge each other for overnight loans
