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9 Cards in this Set

  • Front
  • Back
A buyer wishes to buy an older home in a low-income area. This home is in need of rehabilitation but has a good future due to a growing economy. Which of the following loans would best suit the buyer's needs?

a. FHA 203K
b. Reverse annuity
c. Variable rate
d. Joint venture
a. FHA 203K
Which of the following loan would have PMI?

a. FHA
b. VA
c. Package Mortgage
d. Conventional
d. Conventional
Who pays the discount points on a VA loan?

a. Buyer
b. Seller
c. Agreement of parties
d. Broker
c. Agreement of parties
What charge would be paid at closing on a high-risk conventional loan?

a. MIP
b. Funding fee
c. Bring down fee
d. PMI
d. PMI
When a borrower is qualifying for a VA guaranteed loan, which of the following would not apply:

a. Funding fee
b. Certificate of reasonable value
c. Private mortgage insurance
d. Certificate of eligibility
c. Private mortgage insurance
WHen a buyer obtains a new VA loan, who pays for the document preparation fee.

a. Broker
b. Buyer
c. Seller
d. Buyer or Seller
c. Seller
When a new VA loan is created, who pays for the Tax Service Fee?

a. Broker
b. Seller
c. Buyer
d. Seller or Buyer
b. Seller
Money made by lenders on loans can be called:

a. Origination fee
b. Discount points
c. Discount rate
d. Mortgage insurance premium
a. Origination fee
Interest paid on an amortized real estate mortgage is:

a. Paid in arrears
b. Paid in advance
c. Compound interest
d. Add on interest
a. Paid in arears