RE

Card Set Information

Author:
apraskopf
ID:
19203
Filename:
RE
Updated:
2010-05-18 23:48:31
Tags:
Government Programs
Folders:

Description:
Brokers exam
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  1. When was the FHA established?
    1934
  2. What does 5 things does FHA insures mortgages for?
    • Purchase of existing of newly built single family homes and condos
    • Home improvements
    • Rehab
    • 2-4 properties
    • refinancing of existing mortgages
  3. Do FHA loans charge pre-payment penalties?
    No
  4. Does FHA charge mortgage insurance?
    Yes PMI or sometimes called MIP
  5. Are points charged on FHA loans?
    Often they are to increase the effective yield for the lender and obtain the market interest rate---it is negotiable between the buyer and the seller.
  6. Does FHA require an impound account?
    Yes -- for prepaid items such as property taxes and hazard insurance
  7. What is the name of the FHA loan that insures loans for property improvement and manufactured homes called?
    Title 1 loan
  8. What is the most commonly used FHA loan for single family houses, rehab
    Title 2 / 203K
  9. The VA loan is guaranteed by whom?
    The U.S. Dept of Veterans Affairs
  10. Does a VA loan require a down payment?
    Usually not
  11. On a VA loan, what does the veteran buyer have a right to receive before completing the purchase?
    A certificate of value CRV
  12. What is a Cal Vet loan offered through?
    the Veteran's Farm and Home Purchase Program
  13. What does the Cal Vet loan allow a veteran to purchase?
    • home
    • farm
    • mobile home
  14. What can't a Cal Vet loan be used for?
    the purchase of a condo, multi units or for refinancing
  15. Who retains title in a Cal Vet purchase until the debt is paid?
    Cal Vet
  16. Cal Vet equal what?
    Land Contract

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