Government Insured FHA Program

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True

Condominium loans are common in Florida. T or F?

Federal Housing Administration

FHA stands for _________.

Housing and Urban Development

HUD stands for ________.

1960s

HUD took charge of the FHA insurance in the __________.

31%

In a FHA insured loan the housing expense ratio cannot exceed ________.

1/2 of 1% Monthly

In addition to the UFMIP the borrower is required to pay a premium which is __________ of the loan balance calculated annually and paid _______. (MIP).

Residential 30

The FHA 203b program is for ________ homeownership (up to 4 units) with a ________ year fixed mortgage rate.

1.5 %

The FHA UFMIP costs ________ of the loan amount.

251 ARM

The FHA ______ program is similar to the 203b program but it is based on a ________.

234

The FHA ________ program is insurance for condominium loans.

203b

The FHA ________ program was first and most common program available.

False, The FHA doesn't lend money but does insure loans.

The FHA lends money and doesn't insure loans on the event the borrower defaults. T or F?

1934 Recovery Economic Depression

The FHA was created in _______ to assist in the _______ of the nations second worst _________.

Upgrade Improve Standards Lending

The FHA was designed to _______ and ________ housing ________ and to establish sound _______ practices.

Interest Market

The _________ rate is set by the _________ in an FHA program.

Primary Mortgage Market

The _____________ originates FHA insured loans.

PITI / Monthly Gross Income

The housing expense ratio is ____________.

Stimulate New Homeownership Greater Residential

The purpose of the FHA is to ________ construction of ________ homes and __________ by encouraging lenders to release _______ amounts of funds for financing _________ homes.

43%

The total obligations ratio cannot exceed ______ in an FHA insured loan.

PITI+Other Payments/Monthly Gross Income

The total obligations ratio is ___________.

assuming qualify

Today all FHA loans require person(s) _________ mortgages to _________ as if they were a new buyer.

12/1/1986

Up until _________ all FHA loans could be assumed without qualification.


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