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NMLS Exam > Loan Programs > Flashcards

Loan Programs Flashcards

1
Q

What is the age requirement for a reverse mortgage?

A

62 years old

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2
Q

what is the down payment insurance on an FHA loan?

A

MIP/UFMIP

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3
Q

What is the minimum credit scores and down payment amounts for FHA?

A

580 for 3.5% down

579-500 for 10% down

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4
Q

What are the max seller concessions on an FHA loan?

A

6%

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5
Q

How many years after a foreclosure can you qualify for FHA

A

2 years

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6
Q

How many years after a chapter 13 Bankruptcy can you qualify for FHA?

A

1 year after chapter 13

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7
Q

what is the front end DTI on an FHA?

A

31%

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8
Q

what is the back end DTI on FHA?

A

43%

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9
Q

what is the back end DTI on a VA loan?

A

41%

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10
Q

how many years after a foreclosure can you qualify for VA?

A

2 years

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11
Q

how many years after a Chapter 7 Bankruptcy can you qualify for VA?

A

2 years after chapter 7

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12
Q

what are the seller concessions for VA?

A

4%

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13
Q

what is the front end DTI for USDA?

A

29%

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14
Q

what are the income requirements of USDA?

A

115% of the area median income (middle)

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15
Q

what is the back end DTI of USDA?

A

41%

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16
Q

what are conventional conforming loans?

A

loans that meet FANNIE/Freddie Mac guidelines

  • loan limits
  • down payment requirements
  • DTI
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17
Q

What are non-conforming loans?

A

loans that Do not meet fannie/freddie guidelines

  • jumbo loans
  • Alt-A loans
  • Sup Prime loans
18
Q

what is the front end DTI on conventional?

A

28%

19
Q

What is the back end DTI on conventional?

A

36%

20
Q

when is PMI required?

A

when the down payment is less than 20% on a conventional loan

21
Q

what is the minimum down payment for a Conventional Loan?

A

3% (first time home buyers)

5%

22
Q

what is the late fee for conventional?

A

5%

23
Q

what is the late fee for USDA?

A

4%

24
Q

what is the max term for a Qualified Mortgage?

A

30 years

25
Q

what are the certificates of eligibility for VA?

A
  • DD214
  • NGB22
  • COE
26
Q

what type of loans are assumable?

A

All Government loans are assumable

  • FHA
  • VA
  • USDA
27
Q

what are the FHA 4 C’s of underwriting?

A
  • Credit History
  • Capacity to Repay
  • Cash Assets
  • Collateral
28
Q

what are seller concessions?

A

assistance from the lender to help the borrower with:

  • down payment
  • closing cost
  • discount points
29
Q

how long after a Chapter 13 Discharge can a borrower qualify for a conventional loan?

A

2 years from chapter 13 DISCHARGE

30
Q

how long after a Foreclosure can a borrower qualify for a conventional loan?

A

7 years from a foreclosure

31
Q

how long after a short sale can a borrower qualify for a conventional loan?

A

4 years

32
Q

what is the maximum LTV for a conventional loan?

A

97%

33
Q

what is the maximum LTV for FHA loans?

A

96.5%

34
Q

what are the caps and fees for a Qualified Mortgage?

A

3% ( 3 points)

35
Q

how long does the interest rate have to be underwritten on an ARM for a Qualified Mortgage?

A

First 5 years of the term (max interest rate)

36
Q

what is the max DTI on a qualified mortgage ?

A

43%

37
Q

how many years after a Chapter 7 Bankruptcy can you qualify for FHA?

A

2 years after chapter 7

38
Q

How many years after a Chapter 13 Dismissal can you qualify for a Conventional Loan?

A

4 years from chapter 13 DISMISSAL

39
Q

How many years after a Chapter 7 Bankruptcy can you qualify for a Conventional Loan?

A

4 years from chapter 7

40
Q

how many years after a chapter 13 Bankruptcy can you qualify for VA?

A

1 year after a chapter 13

NMLS Exam (4 decks)

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