Fannie
DTI is capped at _____ in West Virginia.
50%
If a new appraisal is required because the client is flipping products and the previous one cannot be used, Who pays for the appraisal?
The Client
VA benefits are eligible services and programs offered by the Who?
Department of Veteran Affairs
VSO
Veteran Service Organization
_______ are not allowed when taxes are delinquent
Escrow waivers
Because an appraisal waiver is within the DU or LPA findings, What form is required when an appraisal waiver is granted.
There is no appraisal form required when an appraisal waiver is granted.
VA benefits do not need verification of continuance to be accepted. Depending on the benefit, it continues for the recipient’s life for exactly _______ years.
3
PIW
Property inspection waiver
Offering flexible payment options. offer flexible payment options. Common payment options might include: minimum payments, interest-only payments, fully amortizing 30-year payments, and fully amortizing 15-year payments. After the introductory interest rate expires, the minimum payment option can result in negative amortization since the payment may not be large enough to cover the amount of interest due. With unpaid interest added to a loan’s principal, the total amount of the loan increases over time. The interest-only payment avoids negative amortization but fails to reduce the principal balance of the loan.
What is an Option ARM, Non-traditional ARM or Hybrid Arm
In a VA mortgage, 3rd party verification must be provided to verify the business exists for who?
Self-employed clients
If a new appraisal is required because the client is flipping products and the previous one cannot be used Who pays for the appraisal?
The client will be required to pay for the new appraisal.
Future VA benefits are eligible as long as the benefit is updated on the _________?
Certificate of Eligibility (COE)?
ACE
Automated Collateral Evaluation
Credit Inquiries within the last 60 days prior to the credit report date require documentation if the inquiry resulted in a?
Debt
All condo projects must maintain ________ that is adequate to protect the project from unexpected losses
Insurance coverage
To obtain an award letter, the client may either generate one from the __________?
VA eBenefits page
UAD
Uniform Appraisal Dataset
In the event of foreclosure, the lender is protected by mortgage insurance issued by the government. The insurance covers the full value of the loan.
What is a FHA Loan.
Income earned from legal marijuana distribution is not allowed when the client is paid How?
When the client is hourly and salary Income is allowed. Self-employment marijuana income is not allowed.
The Notice of Cancellation clause for condo insurance requires the insurer to notify the HOA in writing at least ______ days prior to cancellation in every state
10
If an old benefit/award letter is provided and the Certificate of Eligibility (COE) does not show the client's award amount, a _________ may be used in addition to the document requirements, to show the updated award amount
Bank Statement
CDA
Collateral Desktop Analysis
100% LTV Government guaranteed loan for lower-income borrowers in rural areas. Requires an upfront funding fee and annual funding fee collected monthly.
What is a The United States Department of Agriculture (USDA) RHS (502) loan.