Credit
This is the payment amount you use for an open 30-day charge account/open monthly account. (For example, an AMEX account).
Zero or Nothing.
How many years of tax returns are required if i have been self employed for 5 years per Fannie?
1 year
What is the max LTV in order to do a Limited Condo review on a primary home?
90% is the max LTV in order to do a Limited Review.
This main traditional food item wasn't on the first Thanksgiving menu.
Turkey.
Venison, duck, goose, oysters, lobster, eel, and fish were likely served, alongside pumpkins and cranberries
This person hates white color sauces.
Carol C.
This is the percentage for calculating student loan payments for Fannie and Freddie.
Fannie 1%, Freddie 0.5%.
My borrower is employed by family. What is required?
Two years tax returns and a letter confirming no ownership.
This is the new conforming loan limit for 2024.
$750,000
This was the first year Thanksgiving was celebrated.
1621
This person's favorite color is black.
Stephanie M.
When can you exclude an installment loan?
When the balance of payments equals 10 months or less.
This is the amount of pay periods for bi-weekly and semi-monthly in a year.
26 for bi-weekly and 24 for semi-monthly.
True or False
Multiple parcels are ok per FNMA as long as its a duplex and they are adjacent to each other.
False.
The entire property may contain only one dwelling unit.
This US state raises the most turkeys.
Minnesota
Minnesota raises about 49 million turkeys each year. Next in line are North Carolina, Arkansas, Virginia, Missouri, and Indiana.
This person's wife drives a VW Bug/Beetle.
Jeff F.
Per Fannie, this is required to exclude a non-mortgage debt from the borrower's DTI ratio.
12 months of cancelled checks or bank statements from the other party, documenting a 12 month payment history with no delinquencies.
If there are meals and entertainment on your self employed income taxes. When are you allowed to leave that blank and not deduct it against the income?
As long as it is states 100% or is assumed to be at 100% (left blank) you are allowed to zero it out and not deduct it against them.
If states 50%, must deduct.
This is the MHDC form that must be filled out and signed at application for First Place and Next Step, when making the initial reservation.
100 Bonus Points if you can also name the MCC Form number.
Form 515 First Place, 715 Next Step, and 315 MCC.
The TV dinner was invented thanks to Thanksgiving. In 1953, a Swanson employee accidentally ordered too much turkey—260 tons too much!
This was the cost of the first TV Dinner.
98 cents
In today's dollars, that would be over $8 dollars
This person dressed up as Santa last year.
Ron R.
When a social security number is wrong on a credit report, can you fix it or must you pull a new credit report?
Yes, you can go to the ACTION CENTER to fix the social or any other typos.
What is the monthly income for this self employed borrower per Fannie Mae?
Zero
Fannie Mae requires distribution income to be used.
On a VA loan, what is the residual guideline for a 1 person household?
100 Bonus Points if you can state what it is if your DTI is over 45%
$441.00
BONUS $551.25
This was the year of the first Macy's Thanksgiving Day Parade.
1924
The first parade featured Macy’s employees, floats, and animals from the Central Park Zoo. Large animal shaped balloons made their first appearance in the parade three years later in 1927.
This person keeps whole chickens (and its carcass) in the fridge.
Chris L.