Section 8, Unit 3: FHA Loans and the Consumer Workshops
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Your client, Judy, with a credit score of 620, has been approved for an FHA loan for a home with a sales price of $200,000. What is the minimum down payment that will apply?
$7,000 - 3.5%
What is the HECM program?
A form of reverse mortgage insured by the FHA
Which of the following is a true statement about FHA financing?
An FHA loan is usually more attractive to borrowers who have lower credit scores and down payments.
Which of the following individuals would qualify to purchase a home under the Good Neighbor Program?
An emergency medical technician
