REAL EXAM QUESTIONS AND CORRECT ANSWERS ( VERIFIED ANSWERS) |
ALREADY PASSED | 2025 LATEST!!
A buyer is interested in buying a home. Interest are forecasted
to go down in the next few months, what type of loan should he
secure? - ANSWER-An ARM Loan
In an ARM loan the index_____ - ANSWER-Varies with
fluctuation in the
Financial
Market
What is the downpayment amount for and FHA loan - ANSWER-
3.5%
What is the loan to value for an FHA loan - ANSWER-96.5%
The UFMIP of an FHA loan is paid when? - ANSWER-At closing
Gift funds cannot come from - ANSWER-The seller
, Escrows of taxes and insurance are required for FHA loans -
ANSWER-Always
Generally for a VA loan how much is needed for a down
payment? - ANSWER-
$0
_____ address the question, is the veteran able to obtain
a VA loan? -
ANSWER-
Eligibility
Which of the following property would be eligible for a VA
loan? - ANSWER-
Condominium
A _____ loan refers to a loan to a Veteran and another person -
ANSWER-Joint
A qualifying ratio that compared the borrowers proposed house
payment to the
gross monthly income (GMI) - ANSWER-
Front ratio