National Portion Top Forecasted Exam Questions and CORRECT Answers

D. Conventional - A $90,000 down payment would be a little more than 20% down ($90,000 ÷ $425,000 = 0.212, or 21.2%). The Baxters should qualify for a conventional loan with that much to put down on the home.The Baxters are looking at a $425,000 home near Camelback Mountain in Phoenix, Arizona. They have $90,000 in savings to use as a down payment. What loan type(s) would likely be the best option for them? A. FHA B. VA C. FHA, VA, or conventional D. Conventional C. Land contract - The seller retains the title in a land contract. When the loan balance is paid in full, the seller gives the buyer the title. While the loan is being repaid, Seth has equitable title. When the loan balance is paid in full, Charles will give Seth the full title to the property.Charles is selling his property to Seth. Charles paid off his own mortgage on the property years ago, so he's in a position to provide 100% financing for Seth's purchase. Seth will make payments to Charles while Charles retains the property title. What's this an example of? A. Purchase money mortgage B. Wrap-around mortgage C. Land contract D. A straight-term loan