Card Set Information
When was the FHA established?
What does 5 things does FHA insures mortgages for?
Purchase of existing of newly built single family homes and condos
refinancing of existing mortgages
Do FHA loans charge pre-payment penalties?
Does FHA charge mortgage insurance?
Yes PMI or sometimes called MIP
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.
Does FHA require an impound account?
Yes -- for prepaid items such as property taxes and hazard insurance
What is the name of the FHA loan that insures loans for property improvement and manufactured homes called?
Title 1 loan
What is the most commonly used FHA loan for single family houses, rehab
Title 2 / 203K
The VA loan is guaranteed by whom?
The U.S. Dept of Veterans Affairs
Does a VA loan require a down payment?
On a VA loan, what does the veteran buyer have a right to receive before completing the purchase?
A certificate of value CRV
What is a Cal Vet loan offered through?
the Veteran's Farm and Home Purchase Program
What does the Cal Vet loan allow a veteran to purchase?
What can't a Cal Vet loan be used for?
the purchase of a condo, multi units or for refinancing
Who retains title in a Cal Vet purchase until the debt is paid?
Cal Vet equal what?