Real Estate Finance I-CHAMPIONS Questions and Correct Answers Latest 2024/2025

Real Estate Finance I-CHAMPIONS Questions and Correct Answers Latest 2024 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.