Conforming
$484,350
What is the low balance conforming limit for a SFR?
3.5% down
What is the minimum down payment for an FHA loan?
20% down
What is the minimum down for most Jumbo loan?
Site condo
What is a free standing condo unit?
What is the abbreviation for the Home Valuation Code of Conduct
What is the HVCC?
49.9% debt-to income ratio
What is the maximum debt-to-income ratio for a conforming loan?
55% debt-to-income ratio.
What is the maximum debt-to-income ratio for an FHA loan?
$726,525
What is the maximum loan amount before a loan is considered a jumbo loan in Alameda and Contra Costa County?
The required owner occupancy percentage for an owner occupied purchase.
What is 0%
Sales Comparison Approach
What is the predominant approach for appraising single family homes?
$726,525
What is the high balance conforming limit for a SFR?
The abbreviation for mortgage insurance premium on an FHA loan.
What is MIP?
43% debt-to-income ratio
What is the maximum debt-to-income ratio for a Jumbo loan.
The number of units in a project that qualifies it to be exempt from condo project approval.
What are 2-4 units?
Form 1004D/Form 442
What is the form used for the reinspection of a home for work completed as a condition of the appraisal?
The acronym for the Federal National Mortgage Association also known as Fannie Mae.
What is FNMA?
Health and safety issues
What are issues that must be corrected prior to the close of escrow?
Qualify Mortgage or QM
What is a The term for a Jumbo loan that meets all the Federal guidelines as set forth by the Consumer Finance Protection Bureau?
The required owner occupancy percentage for an investment property purchase.
What is 50.1%?
120 days
What is the number of days before an appraisal expires?
Form 1003
What is the standard loan application?
The point in time at which an FHA borrower has the option to removed mortgage insurance.
What is never?
Interest only loan
What is the type of loan that is only available as a Jumbo?
Non-warrantable
What is the term for a condo project that is not eligible for a Fannie Mae loan?
Form 1004/Form 70
What is the form used for the appraisal of single family residences?