Loan Programs Types Flashcards Preview

Ed's NMLO Flash Cards > Loan Programs Types > Flashcards

Flashcards in Loan Programs Types Deck (15)
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1
Q

Conventional Loan

What is the Down Payment?

A

Convetional Loan Down Payment

3% First Time Buyer

5 %Others

2
Q

Conventional Loan

What is the late fee?

A

Conventional Loan Late Fee

5% P&I

3
Q

Conventional Loan

What is the ratio?

A

Conventional Loan Ratio

Housing Expense Ratio (HER) Front End Ratio 28%

Total Debt to income ratio (TOR) Back End Ratio 36%

28/36

4
Q

Conventional Loan

What is the Seller Concessions/Seller Closing Costs/Seller
Contribute on the LOWER of the APPRAISAL or
PURCHASE PRICE?

A

3% LTV =90%+
6% LTV 75%to 90%
9% LTV 75% & under
2% for Investment Property

5
Q

FHA Loan

What is the Down Payment?

A

FHA Down Payment

3.5% For credit scores of 580 Credit up

10% for credit score 500- 579

6
Q

FHA Loan

What is the Late Fee for a FHA Loan?

A

FHA Loan Late Fee

4% P&I

7
Q

FHA Loan

What is the ratio?

A

FHA Loan Ratio

Housing Expense Ratio (HER) Front End Ratio 31%

Total Debt to income ratio (TOR) Back End Ratio 43%

31/43

8
Q

Loan Programs

What are the four (4) types of Loan programs?

A

<strong>Conventional Loan</strong>

<strong>FHA Loan</strong>

<strong>USDA/502</strong>

<strong>VA Loan</strong>

9
Q

USDA/502 Loan

What is the ratio?

A

USDA/502 Loan

Housing Expense Ratio (HER) Front End Ratio 29%

Total Debt to income ratio (TOR) Back End Ratio 41%

29/41

10
Q

USDA/502 Loan

What is the Down Payment?

A

USDA/502 Loan Down Payment

6%

11
Q

USDA/502 Loan

What is the Late Fee?

A

USDA/502 Loan Late Fee

4% P&I

12
Q

VA Loan

What is the Down payment?

A

VA Loan Down Payment

0%

13
Q

VA Loan

What is the Late fee?

A

VA Late Fee

4% P&I

14
Q

VA Loan

What is the ratio?

A

VA Loan Ratio

Housing Expense Ratio (HER) Front End Ratio 0%

Total Debt to income ratio (TOR) Back End Ratio 41%

0/41

15
Q

VA Loan

_What is the Seller Concessions/Seller Closing Costs/Seller
Contribute on the LOWER of the APPRAISAL or
PURCHASE PRICE?
_

A

VA Loan Concession

4%