NMLS SAFE Test Compucram | Questions with 100% Correct Answers | Updated & Verified

A borrower who has a FICO score below 580, is required to make a minimum down payment of at least _____% for an FHA loan. - 10% What is the maximum seller concession for an FHA loan? - 6% When evaluating rental income that is not reported on current tax returns, the lender will use a portion of the gross rental income. The amount of the portion that can be used is - 75% What type of form would be used to verify down payment funds? - VOD=Verification of Deposit Effective April 2013, new FHA mortgages and refinances of existing FHA mortgages which originated on or after, June 1, 2009, are subject to a(n) ______ of 1.75% of the loan amount. - upfront mortgage insurance premium (UFMIP) Mortgage servicers are required to establish or make good faith effort to contact borrowers by Day ___ of their delinquency on a loan to inform them of available options to avoid foreclosure. - 36