How well do you know me?
What is the name of the town I grew up in?
Maynard
What does DTI stand for?
Debt to Income
What is the minimum down payment for a first time homebuyer?
3%
What is the minimum down payment whether or not you are a first time homebuyer?
3.5%
These are the 3 types of government loans.
FHA VA and USDA
Ultrasound tech or financial coach
What does PITI stand for
Principle, Interest, Taxes, Insurance
When does your mortgage insurance automatically drop off?
78%
FHA loans typically have higher interest rates than conventional loans.
False
This evaluation is done to determine the fair market value of a home.
An appraisal
I love football! What is my favorite NFL team?
Minnesota Vikings
What does LTV stand for
Loan to value
Most conventional loans allow for how high of a debt to income ratio?
43%
50%
What is something that Team Chedester provides all of it's buyers that is unique to our team?
A customized spreadsheet to help them understand their numbers
What is my favorite type of food?
Mexican
Part of a buyer's closing costs goes towards funding the property taxes and homeowners insurance. What are these funds called?
Escrow
What is the minimum credit score for conventional loans?
620
This is the lowest credit score acceptable for FHA loans for most lenders.
580
What are the 2 federally backed home mortgage companies created by the US Congress called?
Fannie Mae and Freddie Mac
How many kids to I have?
2
What is the value called that they base property taxes off of?
Assessed value
This is not required, but I highly recommend my buyers have one done before purchasing a home.
Inspection
True or False : There are separate guidelines for appraisals being done for FHA loans vs conventional loans.
True
When calculating student loan payments if they are currently deferred, what percentage do we use to calculate payments for VA, USDA, FHA and Freddie Mac loans?
0.5%