AUS
The 2 most common DU recommendations for credit and eligibility
What is
1) Approve/Eligible
2) Approve/Ineligible
The maximum number of units allowed for FHA
What is 4 units?
The 3 approaches to Construction loans
What is
The acquisition cost in Rutherford, Davidson and Williamson
What is $400,000?
The difference between a Condo and Townhouse
What is
Condo - Borrower owns interior only (air)
Townhouse - Borrower owns the interior and exterior
True / False
It is possible to improve your findings by documenting a 401K
What is True?
The government agency that insures FHA loans
What is the Federal Housing Administration?
The number of days an appraisal is good for in a C/P loan before it needs to updated or recertified
What is 120 days?
The occupancy type allowed for THDA
What is primary residence only?
Cannot be used for a second home or investment property.
CPM stands for
What is Condo Project Manager?
The number of days that a paystub should be dated prior to application
What is 30 days?
The minimum down payment required for an FHA loan with a credit score of 580 or higher
What is 3.5%?
True/False
The borrower or builder pays P & I during a C/P loan.
What is False?
Interest is typically paid
The minimum credit score for a Freddie Mac Advantage loan
The AUS condo review you want to receive
What is Streamline Review?
The 3 responses from LP
What is
1) Accept
2) Refer
3) Caution
True/False
A borrower can use an FHA loan for investment or vacation properties
What is False?
FHA loans are only available for primary residences
Typically how many draws are needed in a C/P?
What is 6?
The advantage of a THDA loan over an FHA loan
What is offers a 1st and a 2nd mortgage?
True/False
A manufactured housing project is allowed per Fannie Mae
True
What does it mean when a credit profile is marked as "Eligible" on the DU findings? (2)
What is
1) The credit profile is approved
2) The loan is eligible for sale to Fannie Mae
Name 2 benefits of an FHA loan
What is
Name 3 things you would look for as risk associated items in a condo review
What is
The 2 advantages that the Homeownership for Heroes program provides
What is
1) Reduced interest rate of (0.5%)
2) Waive requirement to be a first-time homeowner in all areas of TN for qualified military or veterans
BONUS CATEGORY
The acceptable maximum age of a credit report at the time of loan closing
What is 120 days?