REAL ESTATE FINANCE ICHAMPIONS EXAM QUESTIONS AND ANSWERS 2024 GRADED A+.

REAL ESTATE FINANCE ICHAMPIONS EXAM QUESTIONS AND ANSWERS 2024 GRADED A+. 2 / 32 1. 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: B 2. is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing *: A 3. 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 priorVA 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 *: C 4. are not-for-profit organizationsthat exist to serve their members. (a) Mortgage companies 3 / 32 (b) Credit unions (c) Insurance companies 4 / 32 (d) One that cannot be financed: B 5. 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: C 6. Periodic payment amounts such as principal & interest, estimated escrow, estimated monthly payment, and must be disclosed in the Pro- jected Payments section of the Loan Estimate form. (a) Mortgage Insurance (b) Homeowner's insurance (c) Property value (d) Estimated inspection cost: A 7. relates to Federal Government spending. (a) Monetary policy (b) Legislative policy (c) Reserve requirement (d) Fiscal policy: D 8. In the Closing Disclosure, prepaids include homeowner's and mortgage insurance 5 / 32 premiums, prepaid interest, property taxes, and a maximum of additional items. (a) 13 (b) 3 6 / 32 (c) 7 (d) 9: B 9. When calculating the monthly payment,the lender will add an amount equal to: (a) Twelve months insurance and six months taxes (b) 1/12 of the annual taxes and insurance (c) 1/12 of the annual loan amortization (d) An amount sufficient to create the escrow account: B 10. Which of the following is true regarding FHA loans? (a) An FHA loan requires a CRV (b) Ratios may be exceeded with compensating factors (c) FHA loans require a minimum 5% dow