FHA and Conventional Loans
What's In a Name?
All About Credit
Money Money Money
The Mortgage Application
100
A loan application
What is a 1003?
100
Money, credit, employment
Name at least 3 things you might need to purchase a home.
100
Revolving Credit Account
Which is better to show on your credit, a revolving credit account or a PaY Day Loan?
100
A report of your financial debts and obligations completed by a credit repository
What is a credit report?
200
Any loan that is not FHA or VA
What is a Conventional Loan?
200
Homebuyer Assistance Program
What is HAP?
200
Judgment, Tax lien, Collection, Charge-off, Bankruptcy, Short Sale, Foreclosure
Name 3 bad types of credit
200
Good Faith Estimate
What is the document you should receive from your loan officer which tells you how much you need to close on your home?
200
Time period during which the conditions of your loan are guaranteed by the lender, such as interest rate.
What does a loan lock refer to?
300
Judgment
With which of the following will you NOT BE ABLE TO to purchase a home without paying it off? Collection, Judgment, credit card balance.
300
A financial instrument securing a loan.
What is a Mortgage?
300
640 (+)
What is the FHA mininmum credit score?
300
$270,050
What is the FHA maximum allowable loan amount in the Houston area?
300
Transunion, Equifax, Experian
Name the 3 major credit repositories
400
3.5%
What is the minimum FHA down payment?
400
Texas First Time Homebuyer Program, MCC
What is a program that TDHCA promotes?
400
Always Be Creditworthy
What ABC stand for, per Frances?
400
location, family size, credit score, income, disability
Name 3 possible qualifications for receiving grant money
400
Debt to Income Ratio
What does DTI stand for?
500
A loan insured by the government
What is a FHA loan?
500
Texas Department of Housing and Community Affairs
What is TDHCA?
500
Experian, Equifax, Transunion
Name the 3 major credit repositories
500
$2,000
What is the maximum allowable MCE credit amount yearly?
500
A Loan Application
What is a 1003
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