DIVORCING CLIENTS
Down Payment
CalHFA Down Payment Assistance
RESPA
Vocabulary
100
On a VA loan, you must have been receiving this for 3 months before a lender considers it as income.
What is alimony or child support.
100
What is the minimum down payment on a Fannie Mae or Freddie Mac loan?
3%
100
What is the minimum credit score your buyers need?
640
100
Which Regulation/ Act do lenders and realtors usually get in trouble with?
RESPA/RegulationX Section 8 - Kickbacks
100
It is extra insurance that lenders require from most home buyers who don't have a 20% down payment when they buy a home and take out a mortgage.
What is PMI
200
On a Fannie Mae loan, how long must a borrower receive child support/alimony for a lender to consider it as income for qualifying?
No less than 6 months
200
What is the minimum down payment on an FHA loan?
3.5%
200
Who is eligible for the new School Program assistance where they will offer an additional 4% of the sales price to help with down payment and closing costs?
All staff currently employed in K-12 California public school, including public charter schools, school district offices and county/continuation schools.
200
A mortgage lender violates RESPA law by devising a contest among local real estate agents where the real estate agent who refers the most customers to the lender will receive a vacation cruise to Alaska. Why would this be a violation?
It is a thing of value in exchange for the referral of business. Both parties would be held liable.
200
a mortgage whose rate of interest is adjusted periodically to reflect market conditions
What is ARM (Adjustable Rate Mortgages)
300
listing service realtors use
What is MLS
300
What 2 loan products still offer 100% financing?
VA and USDA
300
What is the maximum sales price allowed under CalHFA?
$660,000
300
Is a lender allowed to pay for the co-branded marketing material as long as they take up at least 75% of the marketing space?
No! The lender is only allowed to pay for the percentage of space they use to advertise on the marketing material.
300
Making a property attractive on the exterior for the purpose for a sale.
What is curb appeal
400
the value of your house over and above the mortgage
What is Equity
400
What is the minimum amount you have to put down on a conventional loan to avoid PMI?
20% down
400
A borrower can receive 3-4% with the ZIP program. How much can they receive with myhome?
an additional 3.5%
400
Is the lender allowed to give a gift to the referring agent when the deal closes as long as it is under $25?
No! There is no dollar maximum. Any gift given to a Realtor by a Lender is considered a thing of value and is a RESPA violation.
400
A home loan that provides cash payments based on home equity. Homeowners normally "defer payment of the loan until they die, sell, or move out of the home."
What is reverse mortgage
500
an agreement that ensures the structural soundness of a home.
What is home warranty
500
What is the minimum you have to put down on FHA to avoid monthly MIP?
There is no minimum amount. MIP is always required on an FHA loan.
500
What is the maximum income allowed in the county you do business in?
Ask Jayne
500
Down payments, Veterans only, insured by HUD
What is the differences between a conventional, VA and FHA Loan
500
When someone pledges their property as collateral when they get a loan.
Hypothecate
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