TEST: Understanding Niche Products Questions and Answer

TEST: Understanding Niche Products Questions and Answer Repairs/renovations can begin AFTER the renovation loan closes. - Answer ️️ -ANSWER: True On a renovation loan, the LTV is based on the after-improved value of the home. - Answer ️️ - ANSWER: True On a FHA 203(k) Limited only structural repairs are allowed. - Answer ️️ -ANSWER: False Relief Refinance Program loans may only be manually underwritten. - Answer ️️ -ANSWER: False HomeOneSM and Home Possible® have median income limits. Borrowers whose household income exceeds the median limit are typically not eligible for these programs. - Answer ️️ - ANSWER: False There is no minimum credit score needed to run/submit both HomeOneSM and HomePossible® through an automated underwriting system. - Answer ️️ -ANSWER: True LPA will determine the acceptable ratio requirements for Home Possible® when there is not a manual underwrite. ANSWER: True - Answer ️️ - Relief Refinance Program loans are meant to help homeowners who are current on their mortgage payments but cannot refinance due to the drop in their home value. - Answer ️️ - ANSWER: True First time homebuyers are required to take a homebuyer course to purchase a 1-unit single family residence when applying for a Home Possible® loan. - Answer ️️ -ANSWER: True Both HomeOneSM and Home Possible® will allow up to 100% LTV on a primary residence. - Answer ️️ -ANSWER: False