FHA All the Way
The minimum credit score to qualify for FHA
What is 600
We 'can' do down to 580 (but must have significant compensating factors and recovery from what caused credit to dip)
The minimum credit score to qualify for the USDA Guaranteed Rural Development Program
What is 640
What is the minimum credit score to qualify for this program?
There isn't one
BUT - it must meet investor guidelines. Generally, that is 600
The minimum credit score to qualify for a manufactured home loan (all types) with standard down payment for the program
640
Generally speaking - investor driven, not program driven
Many 'first time home buyer' loan (and DPA) programs require this kind of course (often online) to educate buyers on the home buying process, but is NOT required by any government loan program
What is Home Buyer Education Course
To purchase a home with an FHA loan, the minimum down payment requirement is ___%
3.5% of purchase price
The max DTI on a USDA loan
What is 34/41%
One of the biggest benefits of a VA loan is that borrowers are not required to pay this up front cost typical in other loan types
Bonus - Double or nothing - the monthly MI amount for a VA loan
What is DOWN PAYMENT (0%); will also accept FUNDING FEE
What is ALSO 0%
In order to be eligible for most real estate loans, a manufactured home must be titled/classifed as this
REAL property
NOT PERSONAL property
True or False: A borrower can have multiple USDA loans
FALSE
USDA is reserved for a one-loan only credit profile. A borrower CANNOT OWN another property and obtain a USDA loan
To qualify for an FHA loan, members MAX DTI must not exceed this amount
What is "there isn't one"
We typically see 56.9% approvable with compensating factors; otherwise regularly 46.0% and below
43% is 'standard recommended'/manual underwrite
Any of these answers acceptable
True or False: non-occupying co-borrowers are allowed with this program
False: you have to live in the home to be on the loan
VA Loans are available to individuals who have served in this organization or its reserves
What is The US Military
To qualify for most mortgage programs, a manufactured home must have only been moved this many times
What is once
USDA formerly required MF's to be BRAND NEW. Recently had a pilot program they have now approved for existing
To be eligible for a VA home loan, a Veteran must obtain this document from Veteran's Affairs
Bonus: Double points (not double or nothing) what is the record often required to submit to obtain this document
What is a Certificate of Eligibility (COE)
What is: DD214 (will also accept NGB 22-23)
The number of credit scores that are required to report to qualify for an FHA loan
What is 1
But this will be an automatic manual underwrite
Name a town in Dubuque County that members could purchase a home through the USDA.
What is Dyersville, Cascade, Peosta, Farley, Centralia (parts of), Bernard, Epworth, Bankston, Zwingle, Fillmore, New Vienna, Luxemburg, Holy Cross, Rickardsville, Sherrill, Balltown, Waupeton, Durango, Graf
(spelling not guaranteed! May not include ALL)
The VA Funding Fee standard amount for first time use for qualifying Veterans
BONUS - Double or nothing - A Veteran that is exempt from the Funding Fee
What is 2.15% of the loan amount
Who is a Veteran who has been rated for a service-connected disability and receives compensation accordingly
The date built after, style and square footage a manufactured home must be in order to qualify for financing (must have 2 of 3 correct)
What is:
June 15, 1976
Double wide
400sf
In 2025, what is the average loan amount for a PLA government loan borrower? (will accept within nearest 10k)
TRIPLE BONUS: in 2025, what is Dupaco member's referral to closing ratio? (nearest %)
What is $136,332
What is 23.7%
The FHA appraisal inspection looks for deficiencies in the home. Name 3 deficiencies the appraiser could be looking for:
What is:
Rotting wood, chipping paint, missing floorboards, broken windows, bulging basement walls, cracked concrete, roof with less than 3 yrs economic life
The maximum household moderate income limit for Dubuque County, 1-4 persons
What is $119,850 (as of 7.17.25)
$158,250 for 5-8 persons
The term assigned to a VA refinance loan where they refinance existing loan
The abbreviation stands for this (required)
BONUS - EXTRA 500 points - outside of this loan type, all VA refinances are classified as _____
What is IRRRL
What is Interest Rate Reduction Refinance Loan
BONUS - can get this one with or without previous answers - CASH OUT REFINANCE
The 2 items that must be present in order for a manufactured home to qualify for financing
BONUS: Double or nothing - agency you obtain missing information from
TRIPLE BONUS (must get Double correct): Quantity that exist on a Double Wide
What is HUD Label (exterior) & HUD Data Plate (interior)
Double Bonus: IBTS (Institute for Building Technology & Safety)
Triple Bonus: 2 in succession, and they match on both Label & Data Plate
Kris' favorite team of all time
Quadruple bonus - Jeff's favorite team
Who is: IOWA STATE CYCLONES! YAYAYAYAY
What is: the kansas jayhawks - booooooooooo!!