Real Estate Finance I-CHAMPIONS 60 questions and answers
The minimum downpayment on a VA loan is: (a) 2% of the sales price (b) 0% of the sales price (c) 3.75% of the sales price (d) 1% of the sales price - answer B
_________ is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing - answer A
A veteran can have more than one VA loan: (a) If the prior VA loan was paid in full and the property disposed of (b) The prior VA loan was assumed by an eligible veteran who substituted their entitlement (c) A or B (d) Under no circumstances - a VA loan is a "once in a lifetime" benefit - answer C
_________ are not-for-profit organizations that exist to serve their members. (a) Mortgage companies (b) Credit unions (c) Insurance companies (d) One that cannot be financed - answer B
A qualifying ratio that compares the borrower's proposed house payment to their gross monthly
income is the __________. (a) Back ratio (b) Appraisal ratio (c) Front ratio (d) Loan to value ratio - answer C Periodic payment amounts such as principal & interest, estimated escrow, estimated monthly payment, and __________ must be disclosed in the Projected Payments section of the Loan Estimate form. (a) Mortgage Insurance (b) Homeowner's insurance (c) Property value (d) Estimated inspection cost - answer A
___________ relates to Federal Government spending. (a) Monetary policy (b) Legislative policy (c) Reserve requirement (d) Fiscal policy - answer D
In the Closing Disclosure, prepaids include homeowner's and mortgage insurance premiums, prepaid interest, property taxes, and a maximum of __________ additional items. (a) 13 (b) 3
The minimum downpayment on a VA loan is: (a) 2% of the sales price (b) 0% of the sales price (c) 3.75% of the sales price (d) 1% of the sales price - answer B
_________ is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing - answer A
A veteran can have more than one VA loan: (a) If the prior VA loan was paid in full and the property disposed of (b) The prior VA loan was assumed by an eligible veteran who substituted their entitlement (c) A or B (d) Under no circumstances - a VA loan is a "once in a lifetime" benefit - answer C
_________ are not-for-profit organizations that exist to serve their members. (a) Mortgage companies (b) Credit unions (c) Insurance companies (d) One that cannot be financed - answer B
A qualifying ratio that compares the borrower's proposed house payment to their gross monthly
income is the __________. (a) Back ratio (b) Appraisal ratio (c) Front ratio (d) Loan to value ratio - answer C Periodic payment amounts such as principal & interest, estimated escrow, estimated monthly payment, and __________ must be disclosed in the Projected Payments section of the Loan Estimate form. (a) Mortgage Insurance (b) Homeowner's insurance (c) Property value (d) Estimated inspection cost - answer A
___________ relates to Federal Government spending. (a) Monetary policy (b) Legislative policy (c) Reserve requirement (d) Fiscal policy - answer D
In the Closing Disclosure, prepaids include homeowner's and mortgage insurance premiums, prepaid interest, property taxes, and a maximum of __________ additional items. (a) 13 (b) 3
